Why is the price of Bitcoin and other cryptocurrencies falling?
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Summary
The price of Bitcoin fell as much as 29% Wednesday after the China Banking Association warned member banks of risks associated with digital currencies. Bitcoin has lost about 40% of its value since April 13 when it hit a high of more than $64,606 per coin.Before Wednesday, Tesla's decision to not accept the digital currency as payment for cars, along with concerns about tighter regulation of digital currencies, were major factors in the decline. The price is still up about 31% in 2021 and nearly 300% from a year ago.Here's a look at Bitcoin and digital currencies in general:On Wednesday, a statement posted on the Chinese Banking Association's website said financial institutions should "resolutely refrain" from providing services using digital currencies because of their volatility.Virtually every cryptocurrency fell after the industry group's statement. Overstock.com also accepts Bitcoin, and in February, BNY Mellon, the oldest bank in the U.S., said it would include digital currencies in the services it provides to clients.
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