Bitcoin’s obstacles mount amid China cryptocurrency warning

Bitcoin’s obstacles mount amid China cryptocurrency warning

The Edge Markets - Technology·2021-05-19 15:03

(May 19): Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China conveyed a statement reiterating that digital tokens can’t be used as a form of payment.

The largest token fell as much as 7.3% to $40,139 in Asia on Wednesday, continuing a weeklong slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Ether, Dogecoin and last week’s sensation, Internet Computer, also retreated.

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