Saturday, March 2, 2024

Cryptocurrencies are declining after Chinese measures to reduce speculation on them

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The value of cryptocurrencies has plummeted as China has intensified efforts to curb speculation over cryptocurrency and its issuance.

The price of “Bitcoin” currency fell 7% to $ 41,569 per coin in morning trade in New York. Ether, EOS, Litcoin and Dash all fell more than 10%, causing losses for other currencies.

Shares of Marathon Digital Holdings fell 6.6%, while cryptocurrency-related stocks were also under pressure as microstrategy lost 5.8 per cent of its value.

Today, the Bloomberg News Agency quoted a report on the People’s Bank of China website as saying that all transactions related to cryptocurrency are illegal.

According to the guidelines on the website of the Chinese Economic Planning Commission, China has an urgent task to diversify cryptocurrency issuance, and China’s drastic measures are important to achieve carbon emissions targets.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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