Why Are Bitcoin Prices Falling?
China’s crackdown and other various factors are responsible for falling in prices of Bitcoin.Top coins such as Ethereum (ETH) and popular meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE) have fallen over 10 per cent over the last seven weeks.
Recent actions by China and the US may have been responsible for the falling Bitcoin prices. China with the intention to eliminate crypto mining from the country has started a crackdown on mining. “We will focus on cleaning out state-owned units involved in virtual currency and bitcoin mining, reiterating that all virtual currency-related activities are illegal. Virtual currency does not have the same legal status as legal currency,” China Global Television Network quoted the country’s National Development and Reform Commission (NDRC) as saying.