Cryptocurrencies are declining after Chinese measures to reduce speculation on them

The value of cryptocurrencies has plummeted as China has intensified efforts to curb speculation over cryptocurrency and its issuance.

The price of “Bitcoin” currency fell 7% to $ 41,569 per coin in morning trade in New York. Ether, EOS, Litcoin and Dash all fell more than 10%, causing losses for other currencies.

Shares of Marathon Digital Holdings fell 6.6%, while cryptocurrency-related stocks were also under pressure as microstrategy lost 5.8 per cent of its value.

Today, the Bloomberg News Agency quoted a report on the People’s Bank of China website as saying that all transactions related to cryptocurrency are illegal.

According to the guidelines on the website of the Chinese Economic Planning Commission, China has an urgent task to diversify cryptocurrency issuance, and China’s drastic measures are important to achieve carbon emissions targets.

Print
Email




See also  IPO deals in the Middle East and North Africa set a historic record of $ 7.9 billion in 2021.
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 73 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space