Bitcoin’s price is on a steady decline toward $40,000 Friday after approaching $45,000 Thursday, continuing a downward trend in recent weeks.
The sudden drop follows a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptocurrencies illegal in the country. Since topping $52,000 on Monday, Sept. 6, Bitcoin’s price has hovered around $45,000 ever since, struggling to get back above $50,000
Before the recent downturn, Bitcoin had mostly been on the rise following a drop under $30,000 in July.
Bitcoin hit a high of more than $60,000 in April, and the recent movement highlights the cryptocurrency’s volatility in a time when more and more people are interested in getting in on the action. In the weeks between the most recent July low point and its high points earlier this month, Bitcoin had risen steadily, with several daily highs above $50,000. Again, Bitcoin is very volatile, so these ups and downs are par for the course.