Bitcoin is plunging
REUTERS/Bogdan Cristel
Reports last week that Chinese regulators would require exchanges to voluntary shut bitcoin trading triggered a sell-off of nearly $1,000, bringing the price of the cryptocurrency below $3,000 for the first time in over a month. Within hours, however, bitcoin recouped most of those losses.
Many bitcoin enthusiasts don't view the crackdown as a significant problem. Josh Olszwicz, a bitcoin trader, told Business Insider the news out of China won't have a longterm impact on bitcoin because it doesn't affect the cryptocurrency's blockchain, the underpinning technology of the coin.
"If it doesn't affect the protocol, then it's not a real problem," he told Business Insider."The bitcoin cash shakeup was much more worrisome from my perspective, but even then the core bitcoin protocol remained unaffected."
On August 1, bitcoin forked into two different cryptocurrencies: bitcoin and bitcoin cash.
Bitcoin is up about 429% this year.
MI
Get the latest Bitcoin price here.
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver
- Essential tips for effortlessly renewing your bike insurance policy in 2024
- Indian Railways to break record with 9,111 trips to meet travel demand this summer, nearly 3,000 more than in 2023
- India's exports to China, UAE, Russia, Singapore rose in 2023-24
- A case for investing in Government securities