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Bitcoin plummeted more than 7% due to bad news from China, falling to the $32,000 level. The 40 million won line collapsed in Korea.
As of 4:20 pm (Korea time) on the 21st, Bitcoin recorded $32,937, a drop of 7.13% from 24 hours ago on CoinMarketCap, a global coin market relay site.
It is analyzed that this is because China is further tightening the ban on bitcoin mining. China’s Global Times reported on the same day that as of the 20th, 90% of mining companies in China were closed as Sichuan Province ordered closure of 26 bitcoin miners in the province on the 18th.
As a result, Bitcoin as well as other cryptocurrencies (virtual currencies) are plummeting all at once. Ethereum, the second-largest by market cap, is down 7.98% from 24 hours ago to $2,023.
Cardano (Ada) is down 5.70% and Dogecoin is down 9.18%, respectively.
At the same time, on Upbit, a Korean trading site, bitcoin also recorded 39,139,000 won, down 6.46% from 24 hours ago, breaking the 40 million won line. This is the first time since June 8. On June 8, Bitcoin hit 38,494,000 won.
In addition to Bitcoin, Ethereum has plummeted by 8.87%, Ada (Cardano) by 5.97%, and Dogecoin by 7.55%, respectively.