Cryptocurrency Mining to be Banned in China, Cryptocurrency Market Crashed


New Delhi: China has said to stop illegal activities in the name of trading of all virtual currencies including bitcoin. Also said that he will issue an order banning cryptocurrency mining. Along with this, all major cryptocurrencies, including bitcoin, fell heavily on Friday.

China believes that these virtual currencies can cause a financial crisis, so a ban is necessary to reduce the risk associated with them. Several top government agencies, led by China’s Central Bank, issued a joint statement saying they would work together to press for action on speculative trading in cryptocurrencies.


All currencies including cryptocurrencies crashed
The cryptocurrency market fell sharply as news of the crackdown on cryptocurrency mining emerged. The price of bitcoin fell by 3.86 percent to reach $32,95,625. Similarly, the price of Ether, the world’s second-largest cryptocurrency, fell by 6.96 percent.

Bitcoin: It is down 3.86 percent at Rs 32,95,625.
Ethereum: It is down 6.96 percent at Rs 2,23,305.
Binance Coin: It is down 6.56 percent at Rs 27,392.
Dogecoin: It is down 5.61 percent at Rs 16.16.
XRP: It is down 5.22 percent at Rs 72.79.