News from China — the Reason for the Bitcoin price drop

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Bitcoin Price Drop

Let’s discuss the reason for Bitcoin price drop. On Wednesday, October 18, the price of Bitcoin fell on a number of exchanges to around $ 5,250. The day before the average rate of the first cryptocurrency reached $ 5741.58. Today, Bitcoin somewhat recovered. At the moment of publication, its price was $5623.94.

The decrease in the Bitcoin rate and other cryptocurrency prices occurred due to incoming news from China. There the 19th National Congress of the Chinese Communist Party (CCP) started. At this event, CCP was expected to adopt a number of strategic decisions, including, possibly, relating to the cryptocurrency. The first news from Beijing, however, concerned this sphere so far only indirectly. As reported by CNBC, China blocked a popular messenger WhatsApp. Also, there were failures in the work of other social platforms, including WeChat. The latter is especially popular among Chinese crypto investors.

Xi Jinping’s plan and Bitcoin price drop

in the next five years, the Chinese leadership will intensify the work to create a “clean and bright” global network space and ultimately provide comprehensive control over it. Chairman of the People’s Republic of China — Xi Jinping made that statement at the opening of the Congress. According to him, special attention will be paid to delineating the spheres of responsibility of the competent authorities. They will be responsible for the appearance of this or that information on the Internet.

However, as the chart shows, the trend towards lower prices was on Tuesday. So, news from China, apparently, only partially affect the current situation on the market and Bitcoin price drop. Bitcoin Price Drop

Current Situation

At the moment of publication, the price of Bitcoin was $ 5623.94. BTC dominance stands at 55,38%. Bitcoin price drop stopped. Positive statistics are evident during last 24 hours — 2.71%. Current market capitalization of Bitcoin is $93,683,288,106. Trading volume for last 24 hours was $2,396,270,000. Circulating supply constitutes 16,632,187 BTC. Despite yesterday’s Bitcoin price drop, the growth for last 7 days is still substantial — 13.38%.BTC 7 days statistics

So far, we can only hope that Bitcoin won’t scare everyone like that again. Stay at our blog for latest cryptocurrency news!

 

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