Forex Analysis: The People’s Bank of China said all cryptocurrency related transactions are now illegal in the country.
Cryptocurrencies plummeted again after China expanded its crackdown on digital currencies. The People’s Bank of China said all cryptocurrency-related transactions are now illegal in the country.
The move also pushed the stock value of crypto companies down, for example, Argo fell by 10%, Northern Data lost 2.5%, Coinbase Global and Robinhood Markets dropped 3.5%, MicroStrategy slipped 6.7% and Marathon Digital slumped by 8.1%.
Accordingly, Bitcoin traded under $ 41,000, while Ethereum plunged 8.9% to $ 2,864. In any case, the decision hammered many tokens, including EOS, Litecoin, and Dash. Adam Crisafulli from Vital Knowledge said it is now unideal to invest on Bitcoin because China’s attitude towards cryptocurrencies is likely to be accepted by other countries.
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Disclaimer: This Forex Analysis by Instaforex Nigeria is not a trading advice, but meant to create awareness.