China Warns Bitcoin Users, Panic Sellers Drive Bitcoin Price Down 21 Percent

Bitcoin, which sustained an optimistic price rally over the past week, substantially declined in value within the last 24 hours, plummeting by 21 percent after the Chinese government issued a warning to Bitcoin users against potential risks.

On Jan. 5, the People’s Bank of China (PBOC) released a statement to emphasize their stance on Bitcoin reiterating that the government of China does not consider Bitcoin to be a currency. However, the central bank of China highlighted that Bitcoin is still a virtual currency or a virtual “good,” which is legally traded and used within the country.

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