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

More

SPORTS

IPL 2021 Final

IPL 2021 Finals, to be played between CSK and KKR, know the venue, predicted XI, and weather

The 2021 IPL Finals will see MS Dhoni’s Chennai Super Kings and Eoin Morgan Kolkata Knight Riders in the power-packed, high octane grand finale...

T20 World Cup

Indians to face Australians in warm up matches of the T20 World Cup

India is going to take along England and Australia during the two warm up games, and will be further gearing up for the upcoming T20 World Cup matches...

States & UTs

Delhi Government

NCPCR Sends Notice to Delhi Government

The National Commission for Protection of Child Rights (NCPCR|) has pulled up the Delhi authorities over a promotional video. A criticism on this rega...

Singhu protest

At Singhu protest site, dead man with wrist cut off found tied to barricade

The frame of an unidentified guy with one in every of his wrists chopped off turned into discovered close to the farmers’ protest web website on...

POLITICS

PM Modi

The center's 7 new defense companies will become one giant military base: PM Modi

Prime Minister Narendra Modi on Thursday launched seven new companies that will enter the defense se...

Akhilesh Yadav (Samjwadi Vijay Yatra)

Akhilesh Yadav Sounds Like A Bugle For Polls In Uttar Pradesh, Launches "Samjwadi Vijay Yatra" Across The Country

Samajwadi Party spokesman Rajendra Chaudhary said that after exiting Ganga Bridge, the yatra will ta...

ENTERTAINMENT

Aryan Khan,Gauri Khan & SRK

Aryan Khan had video call with Gauri Khan & SRK and received money order of Rs4500

Aryan Khan received a money  order for Rs 4,500 to order food and other items from the Arthur R...

Nora Fatehi

Nora Fatehi Summoned By ED in Money Laundering Case

Actress-dancer Nora Fatehi has been summoned through the Enforcement Directorate (ED) for...

About

The Live Newz is an independent, budding and online news portal that came into existence recently. Our mission is to create and deliver the finest news for the readers. We act as a cutting-edge platform that provides the users with every update on recent happenings. We aspire to be true to the journalistic values and maintain the standard of its excellence by presenting the truth to the readers.