Sign in
Download Opera News App

Economy&Finance

 

Investing

 

Cryptocurrency

Why Is BITCOIN In The News Again? See Why

The world's biggest digital currency is in the news again and this time things do not seem to be going very well within that space of our financial world.

A couple of months ago the world witnessed a massive surge in the price of digital currency but that does not seem to be the case as of today.

In the early hours of Wednesday, the digital trading market experienced a massive price drop as just so many people were looking to sell their stock of currency within a very short period of time.

Experts have described this incident as panic on the path of online traders after China had warned about its intended crackdown on the digital currency space.

China, an economic powerhouse that is looking forward to introducing its own digital currency warned its financial institutions about accepting cryptocurrencies as payment or offering related services and products.

According to experts other indications on the WeChat account of People’s Bank of China which read: "Virtual currency “is not a real currency” and “should not and cannot be used as currency in the market” late Tuesday night raised eyebrows and in effect created such massive panic for the world regarding digital currencies.

Bitcoin lost almost 30% of its value due to massive selling and we already know as the supply law proposes that "...the higher supply margins will result in lower price rates", and that is what exactly manifested last night!

Content created and supplied by: yenghana.com (via Opera News )

Bitcoin WeChat

COMMENTS

Load app to read more comments