Bitcoins Crashed Below $40,000. Here Is Why

The bitcoins had been going through severe falls in the last few days. This is really a matter of worry for the investors who have invested millions in this digital currency. There is no doubt in the fact that bitcoin is still 300% higher from 2020 even after going through the serious fall of almost 30 percent. The crypto investors who entered the world of bitcoins a couple of months ago are apprehensive and chose to release their investment. They actually think that the value of bitcoin will still fall, and it is better to step out from this trading rather than facing an unbearable loss from Bitcoin System

If we talk about the value of bitcoins in April, it reached the peak point of $65,000, and experts made predictions that it will cross the mark of $1,00,000 within a short time. Everything just becomes an imagination in a couple of moments when its value crashed to less than $ 40,000, which was due to a tweet made by Elon Musk, which resulted in a considerable disturbance in the world of crypto.

No one is aware of what is going in the mind of the Chinese government who had ordered some of the banking institutes to avoid offering service to any individuals or organization which involves bitcoins or any other digital currencies. The worst part is that it has also warned the investors not to get involved in trading or mining of digital currencies. This is not the first time as China is attempting various measures for a long time to stop the movement of cryptocurrencies which is overtaking its own financial system.

After this warning, no banking institutions or any online mode of transaction will not support individuals in conducting transactions related to bitcoins. It does not matter whether they want to trade, mine, or invest in this digital currency for getting revenues after the long term. The banking institutions to which the warning has been an issue are the Finance Institution of China, the National Internet Finance Association of China, and The Payment and Clearing Association of China.