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One Bitcoin currently costs $ 39,214 and in just one day this cryptocurrency, which was around $ 45,000, fell 12.85 percent.

Bitcoin fell below $ 40,000 for the first time in more than three months on Wednesday, with other cryptocurrencies in the red. Ethereum fell to $ 2,960 or -14.94%, HRP is now $ 1.43 or -5.34%, Binance fell 18.47% and is now worth $ 426.

But what information crashed the crypto market this time?

The fall in red comes after China said cryptocurrencies would not be allowed in transactions and warned investors about speculative trading.

The comments dealt a new blow to Bitcoin, which plunged more than 10 percent after losing much of its value with comments from tycoon Elon Musk and his car company Tesla.

Cryptocurrency trading has been banned in China since 2019 to prevent money laundering as leaders try to prevent people from exchanging cash abroad. The country was home to about 90 percent of global trade in the sector.

And in a statement, three state-backed industry associations – the National Internet Finance Association of China, the Banking Association of China and the China Payment and Clearing Association – said that “cryptocurrency prices have skyrocketed and fallen, and activities for “Speculation about cryptocurrency trading is back.”

Price fluctuations “seriously undermine the security of people’s assets and disrupt the normal economic and financial order,” the People’s Bank of China said in a statement posted on social media.

The report warned consumers against illegal speculation, adding that “losses caused by investment transactions are borne by consumers themselves” because Chinese law does not offer them any protection.

He reiterated that providing cryptocurrency services to customers and crypto-based financial products is illegal for Chinese financial institutions and payment providers.

Bitcoin fell from $ 45,600 to $ 39,240 on Wednesday, the lowest level since early February, and is far from the record $ 64,870 seen recently last month. Analysts warn it could fall as low as $ 30,000.

“This is China’s last chapter in tightening the noose around crypto,” said Anthony Trenchev, managing partner and co-founder of London crypto lender Nexo.

And Adam Reynolds, of Saxo Markets, added: “It does not come as a surprise to me, as Chinese capital controls can be challenged by buying cryptocurrencies in the country and transfers abroad.

“So avoiding using them in the country is essential to maintaining capital control.

Bitcoin had a torrent for several days. A serious blow was dealt earlier in the week after Musk appeared to suggest that Tesla planned to sell its huge properties to the unit. And that came days after the electric car giant announced it would stop using it in transactions due to environmental issues.

China is in the midst of widespread regulatory action to crack down on its fintech sector, whose biggest players – including Alibaba and Tencent – have been hit with heavy fines after being found guilty of monopoly practice.

The central bank has also sought to promote its own heavily regulated digital yuan, which it is testing across the country in pilot schemes.

Consumers are already making extensive use of mobile and network payments, but the digital yuan could give the central bank – instead of the big tech giants – more data and control over payments.

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