Bitcoin has dropped to a two-week low as a result of the Chinese government's retaliation.

Bitcoin image for news photos

Bitcoin image for news photos

China has ordered Alipay and domestic banks payment platform to refrain from delivering virtual currency trading services.

Bitcoin hit a two-week low as China tightens its grip on cryptocurrencies. As of 7:26 a.m. in New York, the biggest virtual currency has dropped 11% to $31,886. Ether has dropped 15% to $1,910.

China has ordered Alipay and local banks to stop providing services related to virtual currency trading. The People's Bank of China stated in a statement that the banks were also instructed to cut down payment methods for crypto exchanges and over-the-counter platforms.

It's another proof of China's harsher attitude on cryptocurrency, which extends from banking regulation to Bitcoin mining's energy consumption.

The People's Bank of China (PBOC) has ordered Alipay and banks in China not to assist cryptocurrency businesses.

“The PBOC crackdown is going further than initially expected,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. “Mining was phase one and speculation is phase two.”

The demand for risk assets has waned as a result of the Federal Reserve's aggressive policy shift last week. Although equities markets ended the week in the green, economists said there were still concerns about frothy areas of the market.

“If, as I expect, the global buy-everything unwind continues this week, Bitcoin will feel those chill winds,” a statement added by a senior market analyst at Oanda Asia Pacific Pte, Jeffrey Halley.

According to some analysts, China's hash rate (the computing power needed to mine currencies and execute blockchain transactions) is dwindling as a result of increased governmental monitoring.

source -Hindustan times



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