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Bitcoin under pressure: regulatory fears in China

2021-06-26T12:27:03.065Z


Bitcoin stood at nearly $ 65,000 in April. The cryptocurrency is now a long way from that.


Bitcoin stood at nearly $ 65,000 in April.

The cryptocurrency is now a long way from that.

Frankfurt / Main - Cryptocurrencies like Bitcoin were under sustained pressure at the beginning of the week.

After price losses over the weekend, things continued to decline on Monday.

Observers cited China's increasingly tough course towards the new types of equipment as one reason.

In addition, reference was made to the generally troubled mood on the financial markets.

Bitcoin, the strongest digital currency on the market, fell on Monday by around eight percent on the Bitstamp trading platform, down to around 32,300 US dollars in the meantime.

The second largest Internet currency, ether, lost even more of its value and fell below the $ 2,000 mark.

Other digital stocks such as XRP or Dogecoin also fell sharply.

Bitcoin: China is targeting the industry

China is apparently proceeding more and more rigorously against the producers of crypto assets.

In the past week, there had already been reports from individual regions almost daily that were taking action against so-called crypto mining.

This means the digital production of Internet currencies using complicated arithmetic operations.

The process is considered to be environmentally harmful because it consumes large amounts of electricity.

An additional burden came on Monday from the rather gloomy mood on the financial markets.

Bitcoin and other digital values ​​are considered risky asset classes that are mostly burdened by price losses on the stock markets.

However, this connection is not clear, as some investors also see digital investments as a kind of gold substitute.

In any case, the major Internet currencies have moved significantly away from their record levels in the past few weeks: Bitcoin had risen to almost $ 65,000 in mid-April, while Ether cost more than $ 4,000 for the first time a little later.

Compared to last autumn, however, the prices are still significantly higher.

(dpa)

Source: merkur

All news articles on 2021-06-26

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