Bitcoin plummets to $33,000

Bitcoin falls 8% to $33,000 after China’s third-largest bank bans users from cryptocurrency transactions

Bitcoin (CRYPTO: BTC) fell overtrading after news that China’s third-largest bank will suspend cryptocurrency-related customer accounts.

The Agricultural Bank of China (ABC), one of China’s “big four” banks, issued a statement on Monday banning the use of its services to trade virtual currencies such as bitcoin.

The statement also emphasized that once relevant behaviors are discovered, customer accounts will be cancelled and reported to relevant departments in a timely manner.

The ABC reportedly consulted the relevant authorities of the People’s Bank of China before issuing the statement, noting that it will continue to “crack down on virtual currency transactions.”

because it matters
The bank’s announcement was the latest in a series of measures implemented over the weekend, underscoring the Chinese government’s efforts to crack down on crypto-related businesses.

Authorities forcibly shut down most of Sichuan’s bitcoin mining farms over the weekend, causing the bitcoin network’s hash rate to plummet.

According to reports, the Sichuan Branch of China’s National Development and Reform Commission and the Sichuan Energy Administration shut down 26 suspected cryptocurrency mining projects on Sunday.

According to some accounts, ABC may have removed the ad shortly after it was posted.

price fluncuation
In currencies, Bitcoin’s $420 is $420. The volume of the traded cryptocurrency with a price lead of 9231 was released in 4 hours, and the issuance increased by 4 hours at $4 at the time of publication

Bitcoin falls 8% to $33,000 after China’s third-largest bank bans users from cryptocurrency transactions