Why China crackdown on cryptocurrencies again?

Bitcoin sees lowest since February. Not only Bitcoin almost all cruptocurrencies sees worst bearish in cryptocurrency market. Nearly US $1 trillion was wiped off in the market on May 19^th.

Analysts observed Chinese fresh restrictions on crypto market are also one of the reasons along with Elon Musk comments on Bitcoin for the downfall of cryptocurrencies. Even though crypto market recovered slowly on May 19^th but the crash has exposed the currency’s volatility.

Chinese financial organizations have decided to ban from providing transaction services. Beijing quoted that high risk, chances of money-laundering and power consumption behind imposing of fresh curbs on cryptocurrencies. China has encouraged 70% of Bitcoin mining activity since many years. Crypto-currency trading has been illegal in China since 2019 in order to curb money-laundering. But people are still able to trade in currencies such as Bitcoin online, which has concerned Beijing. The price of Bitcoin fell below $34,000 (£24,030) for the first time in three months.

It follows falls in Bitcoin of more than 10% last week after Tesla said it would no longer accept the currency. Last week the similar volatility takes place after the comments by US billionaire Elon Musk in crypro market. Now, Beijing banned banks and payment firms from providing services related to crypto-currency transactions. This is not first time China crackdown on cryptocurrencies. Earlier, Beijing did similar action against crypto in 2017. After that China encouraged itself mining for Bitcoin and others.

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