In trading Monday (11/25/2019) the price of Bitcoin dropped in to US $ 6,558.14 per coin according to the Coindesk website. This is the impact of the Chinese government's crackdown on businesses involved in cryptocurrency operations when previously President Xi Jinping expressed openness on blockchain technology. Last month the price of Bitcoin broke through US $ 10,000 per coin after Xi Jinping praised the blockchain as a technology that could advance development in his speech. But last Friday, the Chinese Central Bank asked investors to be vigilant with crypotocurrency and promised to crack down on the exchange market.
China has also banned fundraising through cryptocurrency or popularly called the initial coin offering (ICO) in 2017. "This is one of the worst weeks in the history of digital assets," Arca Head investment director Jeff Dorman was quoted as saying by CNBC International, Tuesday (11/26/2019). "Obviously the market is contracting, there is no new money coming in that absorbs supply." At the beginning of this year the price of Bitcoin had doubled from 2018 where the lowest price was US $ 3,122. This increase was driven by Facebook's plan to spend digital Libra money. The highest price of Bitcoin is US $ 20,000 in December 2017.