China tends to rain and shine for Bitcoin! This time, it is rather bad weather. Indeed, since Tuesday, Bitcoin falls and has a hard time staying at its level of 8500 USD. And as always, it brings down most of the big Altcoins.
This drop can probably be explained by the concern over the increase in regulation planned by China. “The ICO market is still very active and there are fears that China will still increase the strict regulations. ” That’s why Naeem Aslam, chief analyst at Think Markets, explains the recent fall in cryptocurrency.
Indeed, the Chinese Ministry of Industry and Information Technology, once again warned of the risks of ICOs. Thus, the report published by the Chinese Ministry, advises the public to avoid “excessive” speculation and “false propaganda”. He also warns against pyramid schemes and fraudulent behavior. It should not be forgotten, however, that in the same vein, the report compares the current climate in the field of cryptocurrencies and ICOs, at the beginning of the Internet.
It has been more than six weeks since Bitcoin traded between 7800 USD and 10000 USD. However, over a 24-hour period, BTC decreased by 4.25%. And according to Market Watch, the probability of a break increases as the range of tightening.
It must be emphasized that Bitcoin is not the only crypto currency to fall. Ethereum is also down, it was trading a few hours ago, around 653 USD; a drop of 6% in 24 hours. Yet last week, Apple’s co-founder, Steve Wozniak, compared Ethereum to Apple: “Ethereum interests me because it can do things and because it’s a platform,” he said. This was not enough to avoid the decline.
Useful proof-of-work
As for the other Altcoins, they are all in the red too.
- LTC, Litecoin fell 3.74% and traded at 129.78% USD.
- Bitcoin Cash, BCH, traded at 1145 USD and was down 7.48%.
- As for Ripple, XRP, it is down 3.24%.
All these drops being recorded over the last 24 hours.
Nevertheless, as far as Bitcoin is concerned, its price is still 30% above its lowest price this year. It had indeed fallen to reach the 5947 USD on February 5th.
And we are obviously very far from the beginnings of the first Crypto currency!
The opportunity to remember an anniversary: the day when the first pizza could be paid in Bitcoin.
It was 8 years ago exactly, a pair of pizzas had been ordered at Papa John’s.
At the time they had been acquired for the modest sum of 10000 Bitcoins !!! That’s 25 USD.
This date was commemorated yesterday, May 22nd, under the name of “Bitcoin Pizza Day”.
Today it would be $ 42 million pizza !!
The way was still traveled …
