Bitcoin, Again in Free Fall Due to the Persecution of the People’s Bank of China

The year 2019 had raised a discreet recovery of the value of bitcoin that fell significantly throughout 2018. The growth had been relatively sustained, but in recent weeks we have seen the value of this cryptocurrency collapse, which is now trading at its lowest value in the last six months.

Experts indicate that everything is due to the latest reactions that have originated in the Asian giant: the People’s Bank of China has announced that it will harshly pursue the sale of bitcoin and other cryptocurrencies, something that in fact is not such a noticeable change regarding Your posture of recent years.

A new blow for cryptocurrencies (and for those who believe in them)

In the last hours, bitcoin has come to be below the barrier of 7,000 dollars, although at this time it has recovered part of the fall and a bitcoin is worth 7,116 dollars.

The falls had been occurring during the last weeks, but the most relevant has occurred on this last day, probably as a result of the statements made by the People’s Bank of China on November 22.

The statement from this entity explained how “in recent years, speculations related to virtual currency (such as ICO, IFO, IEO, IMO and STO) have been renewed and speculated, prices have skyrocketed and risks have risen accumulated quickly. ” To control these activities, they have stressed that “they will continuously monitor the commercial activities of virtual currency within the jurisdiction. Once they are discovered, they will be immediately eliminated and prevented from occurring before they occur .”

The statements of the People’s Bank of China are in fact the confirmation of that persecution of cryptocurrencies that have been effective in China for more than two years when the country banned.

The situation there is contradictory, especially considering that much of the large-scale cryptocurrency mining has been done there and it is rumored that a high percentage of the so-called “whales” of bitcoin – those investors with the highest amount of bitcoins in His power- is in China.

Some of them seem to be protecting themselves against possible problems, and this weekend it was discovered that a single transaction of 46,000 BTC (almost 340 million dollars at the moment) had ended up in an unknown virtual wallet.

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