Record fall in cryptocurrency
For the restrictions imposed by China, the emerging cryptocurrency market is experiencing a rapid downturn. The country's tightening of restrictions on bitcoin trading and mining, which was introduced a month ago, reduced its value by more than six percent last month.
As a result, the value of this currency has reached its lowest level since last January. In a month, transactions on major crypto exchanges have fallen by more than 40 percent.
According to Cryptocompare, a London-based research firm, direct transactions on crypto exchanges fell by 42.7 percent in June. The transaction has been two lakh 70 thousand crore dollars. Indirectly, the market size has decreased by 40.7 percent that is $ 3.2 trillion.
In fact, its price fell by 35 percent in May after Beijing took steps to restrict the fast-growing sector. Since then, the volume of cryptocurrency transactions has been steadily increasing, despite the sharp rise in prices.
Major cryptocurrency exchange 'Binance' has retained its top spot despite the outrage of regulators around the world. However, its transaction volume fell 56 percent in June to $ 6.6 billion, according to Cryptocompare.
