Bitcoin's chart is dripping with blood. The situation may be heavily influenced by China. The Middle Kingdom has just banned financial institutions from using cryptocurrencies. China vs. BTC Bitcoin's exchange rate has fallen below $40,000. The cryptocurrency is at its cheapest since February. The reason? It could be Elon Musk's now famous anti-Bitcoin tweets. However, this is not the end of the story. The People's Bank of China just released a statement regarding cryptocurrencies. China has announced that independent blockchain-based digital currencies cannot be used as payment methods. Why? They are not, according to officials, real currencies. This has some implications. Financial institutions and payment companies cannot offer cryptocurrency-related services. Bitcoin exchange rate is falling The BTC exchange rate has been falling since yesterday. At the time of writing these words, you have to pay $35,350 for 1 BTC, which is 18 percent less than yesterday and 37 percent less than a week ago. One can look at this situation in two ways: on the one hand, it is still quite a lot more than the ATH of 2017. ($20,000), on the other hand, it is a painful lesson for new BTC investors who entered the market recently. It remains to be seen whether this is the end of the bull market or just a major correction along the lines of the one in 2017. Back then, bitcoin fell by about 40 percent, but a few weeks later it started to rise again and eventually cost as much as $20,000. China's plans China is hitting Bitcoin not for the first time. Now, however, their policy may concern plans to issue a digital yuan. Beijing has been thinking about a project to digitize its currency for several years, but work has only accelerated relatively recently. In the Middle Kingdom there are even advanced tests of the digital yuan. In several cities, residents can pay with it in local stores. The digital yuan already has the status of a legal tender. From the user's perspective, payments using it are no different from those made on payment platforms such as Alipay or WeChat. The problem, however, is its technology. Given the surveillance policy that the Chinese government is pursuing, it is feared that the currency will be used to keep a close eye on consumers, including their habits and even their private lives. In addition, the project is intended to help China hit the dollar and allow it to circumvent sanctions that Washington imposes on hostile countries. It is possible that Beijing's new decision is a fitting way to bring e-juan to market and clear the field for this digital currency. You can always check the current exchange rate of bitcoin and other cryptocurrencies in the tabs: bitcoin exchange rate and cryptocurrency exchange rate on the website bitcoin.pl. Places where you can buy BTC and other coins include BitBay.net cryptocurrency exchange. If you don't have an account on BitBay yet, this article will show you how you can create one efficiently: LINK. Tags bitcoin btc China digital yuan bitcoin exchange rate
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