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Bitcoin Price Crash after China statement, 16 thousand dollars cheaper in 1 week

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New Delhi. There is an uproar in the cryptocurrency market. The People’s Bank of China has seen a fall in bitcoin prices by more than 12 per cent after a statement by the People’s Bank of China. Bitcoin is currently trading below 40 thousand dollars. The bank stated that digital tokens cannot be used as payment.

Earlier, the same statement came from Tesla CEO Elon Musk, after which the price of bitcoin has been continuously falling. Because of which, Bitcoin has come down by about 16 thousand dollars since May 12. Let us also tell you what the price of bitcoin has become in the present time.

Bitcoin falls below 40 thousand
According to data from www.coindesk.com/price/bitcoin, at present the price of bitcoin has come down to 40 thousand rupees. As of Indian times, bitcoin is trading 14 per cent down at $ 38966.54. Which is also the day’s lowest level during business level. Whereas 24 hours ago it opened at $ 45501.19 and reached the day’s high with $ 45850.31. Since the Bank of China statement, the price of bitcoin has fallen by more than $ 6200.

Bitcoin crashed badly in a week
If we talk about the past one week, then bitcoin has crashed badly. On May 12, Bitcoin stood at $ 55132.01. Which today comes to the lowest level with $ 38966.54. Statistics clearly show that during this period, Bitcoin has seen a decline of more than 16 thousand dollars. According to experts, there is a possibility of further decline. Its level can stop at 35 thousand dollars.

PBOC statement
According to Antoine Trenchev, cofounder of the London-based Nexo Company, this is the new chapter in China, which is tightening around crypto. On the other hand, according to a notice posted on the official WeChat account of PBOC, virtual currency should not be used nor can be used in the market as they are not real currencies. Financial and payment institutions are not allowed to price products or services with virtual currency.

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