Bitcoin crash: China's crackdown was 'final nail' in BTC's bull run - price reacts to ban

Tim Frost, the CEO of fintech app Yield App, has now said China's meddling with the crypto markets has put a stopper in bitcoin's race to the top.

Earlier in mid-April, BTC struck gold at an all-time high price of £46,660.71 ($64,829.14).

But the digital currency has struggled to keep the momentum going, promptly tumbling below 28,746 ($40,000) before the end of May.

As of 3.52pm BST on June 22, BTC is still up 2.08 percent on its closing price last year, but there is a lot of uncertainty over where the token is now headed.

Mr Frost said: "It's been an unpleasant start to the week for bitcoin, with the flagship cryptocurrency barely holding its ground above $32,000 after the Chinese government seemingly put the final nail in the bull run by effectively banning Chinese banks from servicing anyone that has ever transacted in cryptocurrency.

Post a Comment