Bitcoin falls below $40,000 after China warning

Bitcoins Bitcoins [Photo credit: thesun.co.uk] Bitcoin falls below $40,000 after China warning It is lowest the currency would trade for since mid April. ByAbdulkareem Mojeed May 19, 2021 3 min read The price of Bitcoin, the world’s most popular cryptocurrency, fell further below the $40,000 on Wednesday after China on Tuesday announced that no banks or online payments channels are permitted to offer clients any services involving cryptocurrency. The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial products related to cryptocurrency, China said in the statement. “Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” China said. Like Nigeria, China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies. On February 5, the Central Bank of Nigeria had directed banks in the country to close all cryptocurrency-related accounts. The CBN later explained