Business & Economy

Bitcoin plunges to lowest value since January

Madrid, May 19 (EFE).- The price of Bitcoin plunged by 13% Wednesday following objections by Chinese regulators and the European Central Bank regarding the use of cryptocurrencies.

One bitcoin is now valued at roughly $37,800, about 42% lower than its record value reached in April.

Throughout the course of the day, Bitcoin reached values as low as $30,000, its lowest since late January.

The People’s Bank of China’s sceptical attitude towards cryptocurrencies, banning financial institutions from providing services related to digital tokens, follows an ECB financial review report deeming Bitcoin a “risky and speculative” asset.

“The Chinese government intends to restrict the use of cryptos and push the digital Yuan instead,” said Javier Castro-Acuña, head of business control at crypto-trading app Bitnovo.

Alongside Bitcoin, other cryptocurrencies have suffered losses, including Ethereum, which fell by 23% and is now valued about $2,650. EFE


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