Bitcoin faced a 300 billion dollar loss in 24 hours

Corrupt currencies, especially bitcoins, have been cracked down on in China’s Xinjiang region. (Photo: File)

WASHINGTON: Coinbase, a company that buys and sells cryptocurrencies, appeared on the stock market this week, surpassing companies such as British Petroleum. As soon as the shares were listed in the market, its value exceeded 100 billion dollars.

But the dark side of a government-sponsored cryptocurrency is that you can’t predict the value of the digital currency for the next minute.

In the last 24 hours, the cryptocurrency market has fallen from 2.2 trillion to 1.9 trillion, according to Coin MarketCap, a website that publishes cryptocurrency statistics. In other words, in less than 24 hours, bitcoins worth 300 billion dollars flew around the world.

According to the report, crackdown was carried out against corrupt currency, especially bitcoin, in Xinjiang region of China yesterday. Xinjiang is considered to be the largest center of the bitcoin mining network in the world. After this crackdown, the mining of bitcoin has been reduced from 215 exa hash per second to 120 exa hash per second. Which wiped out 300 billion dollar in less than a day.

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