The trillion drop was caused by a significant drop in the rates of individual cryptocurrencies. Probably the most pronounced is in the case of bitcoin. It traded for $ 40,993 (CZK 880,200) a week ago on Tuesday, but this Tuesday it was only $ 32,329 (CZK 694,890).
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Development of bitcoin value over the last month
A significant drop is also evident in the second most famous cryptocurrency – etherea. That traded a week ago for $ 2626 (CZK 56,420), a week later – during this Tuesday – it was only $ 1,910, which corresponds to CZK 41,040.
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It is necessary to emphasize that virtual currencies do not have a single price, they are traded on stock exchanges and exchange offices depending on volatility. Differences in prices can vary in the order of several thousand crowns.
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Chinese campaign against cryptocurrencies
The significant decline was caused mainly by China’s intervention. At the end of last week, however, one of the cities in southwestern Sichuan Province promised the authorities that it would make a big deal to the miners and that it would “eradicate all bitcoin and etherea mining” within a year.
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On Monday, China’s central bank announced that it had received support from large financial institutions, including the Alipay payment service, to provide no cryptocurrency services.
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Cryptocurrency mining has been a big business in China, with the world’s most populous country accounting for more than 75 percent of global bitcoin mining, according to the BBC. Of course, other cryptocurrencies are also mined in China.
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