Bitcoin tumbles below $39,000 after China issues warning

MG News | May 19, 2021 at 03:08 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

May 19, 2021: Bitcoin plunged below $39,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world's mining.

The comments sent the unit diving more than 10 percent and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.

Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.

AFP/APP

Related News

Name	Price/Vol	%Chg/NChg
KSE100	174,429.93 266.16M	-0.97% -1703.64
ALLSHR	105,686.64 690.97M	-0.83% -882.18
KSE30	52,098.85 92.59M	-1.07% -565.05
KMI30	245,280.51 99.76M	-1.03% -2557.91
KMIALLSHR	67,681.60 339.32M	-0.84% -574.20
BKTi	49,745.96 31.42M	-0.99% -497.94
OGTi	34,431.76 6.26M	-0.55% -190.66

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	66,095.00	66,840.00 65,780.00	-425.00 -0.64%
BRENT CRUDE	94.32	95.47 91.31	3.31 3.64%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-0.75 -0.70%
ROTTERDAM COAL MONTHLY	119.65	0.00 0.00	-0.45 -0.37%
USD RBD PALM OLEIN	1,135.00	1,135.00 1,135.00	0.00 0.00%
CRUDE OIL - WTI	87.22	88.61 84.44	2.88 3.41%
SUGAR #11 WORLD	14.80	14.94 14.76	-0.08 -0.54%