Economic Daily: Tighter Regulation Is the Main Reason for the Fall in Bitcoin Prices

Abstract : In China, too, strict regulations on cryptocurrencies have persisted.

ChainDD
ChainDD

Apr 27

April 27 (ChainDD) According to the Economic Daily, for this round of Bitcoin slump, market analysts said that the main reason might be the tightening of regulations in some countries.

Bitcoin fell around 4% shortly after Turkey's central bank banned trading in cryptocurrencies and assets on April 16, citing potentially irreparable damage and trading risks. The Indian government recently also announced that it would ban cryptocurrencies, imposing fines on those who trade or even hold such assets in the country.

In China, too, strict regulations on cryptocurrencies have persisted. Li Bo, the deputy governor of the People's Bank of China, said at the Boao Forum for Asia that if crypto assets were to become a widely used payment solution, a stronger regulation was needed, that is, stricter regulation than the current one for Bitcoin.

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