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Bitcoin continues to plummet After China Bans Crypto Transactions

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  • Bitcoin continues to plummet After China Bans Crypto Transactions

    The People's Bank of China (PBoC) has issued a statement reiterating that financial institutions and other payment services should not be involved in the transaction. Cryptocurrency As a result, the price of Bitcoin continued to fall.

    Although in April, China's central bank expressed a positive view of Bitcoin as an alternative to other currencies. but the latest China has ordered financial institutions not to both banks and online payment channels Do not allow customers to do various transactions related to Cryptocurrency Be it registering, trading or even offering tokens in the platform.

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    The People's Bank of China has detailed, “Recently, the price of Cryptocurrency soaring up and down rapidly There is more speculative trading. Affects the safety of people's assets and disrupt the economic and financial regulation in the country.”

    Cryptocurrency market conditions It's been hot all week. Previously, cryptocurrency prices fluctuated heavily. This was fueled by the fact that Tesla's technoking tycoon Elon Musk has expressed his day-to-day views on Bitcoin. There was even the idea that Bitcoin might be sold if mining Bitcoin was not environmentally friendly. As a result, bitcoin trading hit its lowest level in months. The Securities and Exchange Commission (SEC) released a weekly report on the digital asset market as of May 14, 64. Bitcoin price was found. The volatility is quite high compared to the Thai stock price. Although the return from the beginning of the year to the present is as high as 89.09%, more than investing in the Thai stock market with a return of 9.58%.

    In this regard, the monthly trading value of digital assets in Thailand in 2021 showed a continuous decline from January 64, the trading value was 31 billion baht, February 64 was at 26 thousand. million baht, March 64, at 21 billion baht, and April 64, at 18 billion baht, the latest in May 64, at 5 billion baht, with a cumulative turnover of more than 100 billion baht. (18.72%) of total digital asset turnover