Bitcoin plunges by 30% in a month, price at a 6 months low
November 26, 2019 | Investopaper
Bitcoin, the world’s most popular cryptocurrency, has lost almost 30 percent in a period of one month. The price tanked to as low as $6,558.14 on Monday. This is the lowest price in the last six months period.
In the last month, the price moved above $10,000 after Chinese President Xi Jinping appreciated the concept of blockchain technology and indicated that China would advance in its development.
However, after the People’s Bank of China, the central bank endorsed investors to be careful of the digital currencies, the price of bitcoin plunged. China has always taken a harsh caution towards the cryptocurrencies. In 2017, it banned the fundraising exercise called initial coin offering and forced local trading platforms to shut down.
Despite the fall, the year 2019 has been a good year for bitcoin as it has more than doubled. However, it is way below its maximum price of $ 19,783.06.
