Bitcoin crashed today
- Posted on May 31, 2022
The cryptocurrency lost 6.12% in 24 hours to $32,928.97 and 18.61% in 7 days
bitcoin
It has plunged more than 18.5% in the past seven days and has retreated more than 6% in 24 hours.
What happened
The Apex cryptocurrency was down 6.12% in the 24 hours at $32,928.97 and was down 18.61% in the seven days to press time.
At press time, BTC’s market cap is $614.87 billion, down 6.48% in 24 hours. During the same period, business volume increased by 59.23% to US$57.62 billion.
Why move?
China’s central bank, the People’s Bank of China, has ordered the nation’s major financial institutions to cease offering cryptocurrency trading, clearing and trade settlement services, according to information first provided by CoinDesk.
CoinDesk noted that financial institutions and banks have agreed to observe and follow the guidelines of the People’s Bank of China.
The latest move by China’s central bank comes after Chinese authorities tightened the mining industry in Sichuan province, a major cryptocurrency mining hub.
Environmental concerns related to Bitcoin mining, raised by Tesla Inc. CEO Elon Musk.
, likely also contributing to its weakness.
On Monday, MicroStrategy Inc.
Announced the acquisition of more Bitcoins, whose total holdings now exceed 105,000 BTC.
Bitcoin’s pullback is not isolated, but other cryptocurrencies like Dogecoin
also wrecked. Ethereum
It has sunk below the important psychological barrier of $2,000.
The cryptocurrency lost 6.12% in 24 hours to $32,928.97 and 18.61% in 7 days