Bitcoins, the controversial Cryptocurrency, plunged more than 10% in the past week amid fears that the Chinese authorities would crack down on the Cryptocurrency.
On Friday, the Shanghai Bureau of China’s Central Bank, the People’s Bank of China issued a warning to companies and individuals dealing in cryptocurrencies to “desist from promoting investments or offer services to crypto exchanges.”
The Chinese authorities also warned companies “to be wary about bitcoin and should not mistake its value and importance for blockchain, as there are more risks associated with bitcoin than what its underlying technology portrays.”
Bitcoins price fell below the important $7,000 threshold to $6,766, implying a loss of $576 in a single session. The controversial cryptocurrency is susceptible to volatile fluctuation and price index swings.
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The sharp drop is the eighth consecutive day that the digital coin has dropped, and it is currently trading below last year high of $12,920. The sharp drop in price has been attributed to thin trading volumes, leading to investors selling in panic as a result of the sustained decline in prices.
However, bitcoin is still expected to rise in the current year. In 2017, the value of bitcoin rose to a record high of $20,000.
