The decline in cryptocurrencies around the world, China’s official newspaper Economic Daily has made a big claim. The newspaper has warned investors that the price of bitcoin(BTC), the largest cryptocurrency of the world, will move towards zero. This warning news comes at a time when selling is dominating all cryptocurrencies around the world.
The Big Fall in Bitcoin(BTC); In November last year, the price of one bitcoin was around $68,000, which has now come down to around $21,000. This is the bitcoin’s lowest level in December 2020. the price of bitcoin has fallen by 69 percent, During this period. bitcoins are nothing but digital codes that depend on demand and supply, says Chinese state media. As soon as investors lose their faith in bitcoin in the future and large countries of the world outlaw bitcoin, it will return to its original value, which is zero.
The government China’s attitude towards cryptocurrencies has been strict from the beginning and banned bitcoin(BTC) in July last year. Along with this, The Transaction of any kind Cryptocurrency was also banned in the country in September 2021. Earlier in 2018, The Country was banned all foreign cryptocurrency exchanges.
Fall in Cryptocurrency Market; Almost all cryptocurrencies across the world have seen a fall since the beginning of this year. This month the price of bitcoin hit its lowest level of the year at $17,958. However, this week there was a recovery in bitcoin and the price moved closer to $20,000. Let us tell you, the Chinese newspaper Economic Daily, giving reasoning behind its statement, said that in recent days the prices of ‘Terra USD’ and ‘Luna’, which are counted among the world’s top cryptocurrencies, have reached zero. At the same time, looking at the recent decline in bitcoin, experts believe that the price of the world’s largest cryptocurrency can go below $14000.