Bitcoin Price Plummeted After China bans Bitcoin

China is World's second largest economy and one of the biggest contributor in bitcoin mining 

Recently the financial committee of china announced to crack down on bitcoin and bitcoin miners

In a china announced the news of bitcoin crackdown and also exposed the financial risk of investing in crypto 

This is the second time bitcoin has been hit by a bearish news came straight from china

Report by Chinese financial committee also added bitcoin mining as a key sector to monitor in order to avoid financial risks

After the news got published by various press bitcoin price plummeted by 12% reaching a price of $37,800 from $41,000