Waqar Zaka has emerged as the face of the crypto trading and investing community in Pakistan, something it seems he was quite pleased with. Among the early adopters in the country, the man leads an entire army of crypto-enthusiasts. But as cryptocurrency faced a stunning crash, is any one checking up on Zaka?
Bitcoin, the world's most well known cryptocurrency, has seen its value plunge by 30% in the last 24 hours. This weeks-long downward trend has accelerated over the last few days. From being traded at $49,498 on May 12, it fell to $30,201 on May 19.
The crash — that has affected several cryptocurrencies — followed an announcement by Chinese regulators that they would be cracking down on cryptocurrencies on Tuesday. China has since barred financial institutions and payment companies within its borders from providing customers any services related to cryptocurrency transactions.
China is influential in the Bitcoin game. Researchfound that the country controls around 75 per cent of the world's Bitcoin mining, with its mining infrastructure set to consume as much energy as Italy by 2024.
Now, back to Zaka and Pakistanis on Twitter jumping out of their seats for their punchlines.
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