Tech

Cryptocurrencies under pressure – China takes action against Bitcoin mining

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Trading in Bitcoin and Co. remains turbulent: on Friday there was another price slump after China reaffirmed its tough crackdown on the generation of crypto currencies. The rate of the most famous and largest digital currency in terms of market share, Bitcoin, slipped well below the $ 40,000 mark in the afternoon and fell to $ 36,679.

In the further course of trading, the Bitcoin price was able to stabilize near the daily low for the time being. It was not until Wednesday that it slumped to $ 30,066 in a short period of time, the lowest level since the end of January.

The second largest digital currency, Ether, also came under pressure on Friday. In the afternoon the price fell more than ten percent to about $ 2,500. On Wednesday it had slumped at times by up to 40 percent to just under $ 2,000.

The trigger for the latest price slide came from China. The country reiterated an earlier announcement to crack down on cryptocurrency manufacturing. The generation of digital currencies is also called mining and consumes enormous amounts of electrical energy.

The measures are also seen in China as part of efforts to ensure financial stability. China recently banned banks and payment service providers from doing business with cryptocurrencies and warned investors.


(tiw)

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