Bitcoin On Fears Of Regulatory Crackdown in China | Full Story on Bitcoin Plunges

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Digital asset market under intense pressure after China warns on use of

cryptocurrencies.

The price of Bitcoin fell below $30,681.50 for the first time in three
months on Wednesday, after China imposed fresh curbs on crypto-currencies.
Beijing banned banks and payment firms from providing services related to
crypto-currency transactions.
It also warned investors against speculative crypto trading on Tuesday.
It follows falls in Bitcoin of more than 10% last week after Tesla said it
would no longer accept the currency.
On Wednesday afternoon, Bitcoin recovered some ground, although it was still
down -10.4% at $38,131.
Meanwhile, other digital currencies such as Ether, which acts as the fuel for
the Ethereum blockchain network, and Dogecoin lost as much as 22% and 24%
respectively.

At the same time, Tesla shares fell more than 3% on Wall Street, possibly
because of the electric carmaker' exposure to Bitcoin.
The firm, owned by Elon Musk, still holds around $1.5bn worth of the crypto-currency.

Beijing cracks down

Crypto-currency trading has been illegal in China since 2019 in order to curb
money-laundering. But people are still able to trade in currencies such as
Bitcoin online, which has concerned Beijing.
On Tuesday, three state-backed organisations, including the National Internet
Finance Association of China, the China Banking Association and the Payment
and Clearing Association of China issued a warning on social media.
They said consumers would have no protection if they were to incur any losses
from crypto-currency investment transactions.
They added that recent wild swings in crypto-currency prices "seriously
violate people' asset safety" and are disrupting the "normal economic and
financial order".
Neil Wilson of Markets.com said: "China has for some time been putting
pressure on the crypto space, but this marks an intensification - other
countries might follow now as central banks make strides towards their own
digital currencies.
"Until now, Western regulators have been pretty relaxed about Bitcoin, but
this might change soon."

Tesla snub

In March, Tesla boss Elon Musk announced unexpectedly that the electric
carmaker would allow customers to buy cars using Bitcoin.
But last week, he did a U-turn and suspended vehicle purchases using Bitcoin
because of environmental concerns.
His fears centre on Bitcoin mining - the energy-intensive process through
which the digital currency is generated, using high-powered computers. It
often relies on electricity generated with fossil fuels, particularly coal.
"We are concerned about rapidly increasing use of fossil fuels for Bitcoin
mining and transactions, especially coal, which has the worst emissions of any
fuel," Mr Musk wrote.
"Cryptocurrency is a good idea... but this cannot come at great cost to the
environment."
He said the electric carmaker did not intend to sell any of its Bitcoin and
intended to reinstate cryptocurrency transactions once mining shifted to using
more sustainable energy sources.
Although the digital currency cannot be traded in China, more than 75% of
Bitcoin mining around the world is done in China.
For anyone who has followed the crypto-currency scene for a while, the events
of recent weeks are a familiar story.
Some random event - say, a tweet from Elon Musk announcing Tesla will accept
crypto-currency payments - sends Bitcoin to new highs, and people begin to say
it' winning mainstream acceptance.
Then another random event happens, perhaps a change of course from the Tesla
tycoon. It comes tumbling down again, and talk of it going mainstream fades
into the background.
Last month, in a chatroom on Clubhouse (another phenomenon that seems to be
swinging from boom to bust) I expressed some scepticism about crypto-currencies.
Up popped a senior figure from London' thriving fintech scene: "Rory, Rory,"
he chided me, "crypto is becoming an accepted asset class."
With big City institutions taking an interest, that had a ring of truth - back
in April, at least.
My mind went back to 2013, when I had first taken an interest in Bitcoin. In a
report for Radio 4' PM programme, I had bought a pizza for 0.5 BTC, a tortuous
process which had not seemed worth the £30 it cost back then - of course, at
today' exchange rate, that was a £14,000 pizza.
I ended a piece in which I compared the cryptocurrency with 17th-Century Dutch
tulips or London houses in the 1980s with this thought: "Unless and until
Bitcoin can be used to buy a sandwich, or be accepted by your friends when you
pay them back for a restaurant meal, then it is likely to remain just a
playground for geeks and gamblers."
Eight years on, it is still virtually impossible to buy a sandwich with
Bitcoin.
And why would you want to, when there' a good chance you'll be mocked a few
years later - as I've been for my transaction - for giving away an asset that
goes on to soar in value?

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