Bad news week for bitcoin leads to 21 percent drop in value

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Bad news week for bitcoin leads to 21 percent drop in value,

The best-known cryptocurrency, bitcoin, has fallen sharply in value this week after a series of warnings from China. As a result, the bitcoin price fell by 21 percent in the past seven days, according to figures from crypto price website CoinMarketCap.

Saturday around 15:00 a bitcoin was worth 38,620 dollars (about 31,700 euros), compared to more than 46,000 dollars last Sunday.

The cryptocurrency has been on the rise in recent months and reached its peak in mid-April with a value of just under $ 64,000. Since May 12, when Tesla CEO Elon Musk announced that he would no longer accept bitcoin as a means of payment, the cryptocurrency has been rapidly declining in value.

Last Wednesday, bitcoin holders received the biggest blow, when the Chinese central bank reiterated in a statement that financial institutions in the country are not allowed to offer cryptocurrency services.

In addition, China warned against speculative trading in digital coins. On Friday, Chinese Vice Premier Liu He once again emphasized that the Chinese financial market must be better protected against cryptocurrencies.

Musk’s Chinese warning and announcement not only had an effect on bitcoin, but also on other major cryptocurrencies. Ether, the second largest digicoin, lost at least 37 percent in value in the past week.

Bad news week for bitcoin leads to 21 percent drop in value

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