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November 25, 2019 03:04 am

Price of Bitcoin Plummets Below 'Psychological' $7,000 Level After China Promises Crackdown

Friday Forbes wrote that price of Bitcoin had dropped 10% over the previous 24 hours, dipping below the "psychological" $7,000 level. That's after starting the week at over $8,000, and less than a month after it rose to $10,000.Apparently cryptocurrencies had gotten some very bad news from China.Bitcoin rivals ethereum and bitcoin cash have led the market lower [Friday] morning, each losing over 12% of their value in the last 24 hours. Ripple's XRP, litecoin, EOS, bitcoin SV, and binance coin have all also been heavily sold off, wiping billions of dollars from the value of the combined bitcoin and crypto market. [Friday] morning the People's Bank of China has warned it will be cracking down hard on bitcoin and cryptocurrency trading in the country. "Once [bitcoin or cryptocurrency trading] is discovered, it will be disposed of immediately, and it will be prevented from happening early," read a People's Bank of China statement, translated through Google. The Shanghai-based central bank also warned against conflating the country's interest in blockchain with bitcoin and crypto... The bitcoin and cryptocurrency industry has been rocked by reports of Chinese police raids on the offices of major bitcoin and crypto exchanges Binance and Bithumb in the country over the last week -- though both have denied the raids took place. But now that same Forbes columnist asks: Is this when to buy bitcoin? Among other reasons...As well as the May bitcoin halving, which will see the number of bitcoin rewarded to miners cut by half from 12.5 bitcoin to 6.25 bitcoin, bitcoin investors are hopeful next year will bring an increase in the number of bitcoin retail investors and people using bitcoin and cryptocurrencies for payments. Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced last month it plans to launch a consumer app for cryptocurrency purchases in 2020. U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group. Meanwhile, Bakkt's bitcoin futures daily volume hit a new all-time high this week, according to data from Intercontinental Exchange, with some $20.3 million across 2,700 futures contracts on Friday. Many in the traditional financial industry remain unconvinced by bitcoin and crypto, however. This month, former European Central Bank president Jean-Claude Trichet slammed bitcoin and Facebook's crypto project, warning bitcoin is "not real" and not the future of money.

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