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 )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More