The price of Bitcoin, the biggest cryptocurrency on the market, is currently down by around 9% over the past 24 hours.
It is sitting around $43,429, according to Coinmarketcap, compared to its highest ever level of more than $64,000 in April.
The second biggest cryptocurrency, Etheruem, has also dropped in value in the last 24 hours along with other popular coins like Dogecoin, Cardano and XRP.
Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice.
On the other hand, China strengthened its anti-crypto stance on Friday, torpedoing bitcoin’s two-day winning run.
The People’s Bank of China (PBOC) said bitcoin, ether and stablecoin tether do not qualify as legal tender and cannot be used in the currency market.
The central bank declared all virtual currency-related activities illegal, including derivative transactions and overseas virtual currency exchanges serving Chinese residents.
It is sitting around $43,429, according to Coinmarketcap, compared to its highest ever level of more than $64,000 in April.
The second biggest cryptocurrency, Etheruem, has also dropped in value in the last 24 hours along with other popular coins like Dogecoin, Cardano and XRP.
Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice.
On the other hand, China strengthened its anti-crypto stance on Friday, torpedoing bitcoin’s two-day winning run.
The People’s Bank of China (PBOC) said bitcoin, ether and stablecoin tether do not qualify as legal tender and cannot be used in the currency market.
The central bank declared all virtual currency-related activities illegal, including derivative transactions and overseas virtual currency exchanges serving Chinese residents.