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Bank of China sends Bitcoin tumbling
The Bank of China has made comments against Bitcoin saying the crypto ‘isn’t real’
Bitcoin has taken another tumble after the People’s Bank of China warned consumers that the digital coin cannot be used as a form of payment
Bitcoin has fallen by a further 5.3 percent, following a week-long slump that was sparked by Elon Musk’s announcement that Tesla would no longer accept the cryptocurrency.
This lastest drop now means the price of a single Bitcoin is at its lowest level since February this year, leaving investors concerned about the coin’s stability.
Ethereum and Dogecoin have also dropped.
Market analysts say these latest comments by the Bank of China are just another indication of Beijing’s tightening grip on the sector.
In a statement, the Bank says “virtual currencies should not and cannot be used in the market because they’re not real currencies”.