Government Crackdown Rumors Caused Bitcoin Fall

Government Crackdown Rumors Caused Bitcoin Fall

The bitcoin price has had another disappointing 24 hours of trade, Unfortunately for cryptocurrency traders.

According to CoinMarketCap, bitcoin price is nearby 14,150 $, which is a decline almost 4% during the last 24 hours.

Why Are Traders Heading to The Exits?

After  website cut the South Korean exchange prices from its rates, traders have been heading to the exits amid concerns over government crackdown rumours.

There are rumours that regulations in both China and South Korea are cracking down the industry.

As these two nations make it a large portion of global cryptocurrency trade, this could have a big impact on prices.

Chinese regulators intentd to eradicate the country’s bitcoin mining industry, because there are concerns about excessive electricity consumption and financial risk, the Financial Times in London reports.

The report indicates that a task force has been set up to instruct provincial governments to “actively guide” companies to exit the cryptocurrency mining industry.

It is hard to say that these crackdowns will occur. But one thing is certain, that bitcoin price will have ups and downs during this year.

Where it ends, though, is anybody’s guess.

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