BTC/USD dives below $5,000 amid bearish sentiments. Chinese authorities urge not to mythologizing Bitcoin. Bitcoin lost 3% of its value within hours, to trade at $6,455. The largest digital coin by market capitalization yielded to the global pressure, created by the news about Bancor heist. While Bitcoin is still 170% higher that a year ago, traders and investors are concerned by the lack of upside momentum Meanwhile, China once again expressed support for blockchain technology and aired critical views with respect to digital money. “We all think blockchain is an innovation with significant meaning – correct. But we shouldn’t mythologise blockchain,” said Fan Wenzhong, head of the international department of the China Banking and Insurance Regulatory Commission. “Decentralisation is not a new trend but a loop, because the earliest human transactions were without central authorities,” he added. At the same time, Beijing is not so enthusiastic about cryptocurrencies as they might pose a risk to financial stability. The government shut down all local crypto trading platforms in 2017 and continued to crack down on crypto mining. “Blockchain is a useful innovation but that doesn’t mean cryptocurrencies, which blockchain has given rise to, are necessarily useful,” the official said. BTC/USD, 4-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next UK government spokesman: Brexit white paper to be published on Thursday FX Street 4 years BTC/USD dives below $5,000 amid bearish sentiments. Chinese authorities urge not to mythologizing Bitcoin. Bitcoin lost 3% of its value within hours, to trade at $6,455. The largest digital coin by market capitalization yielded to the global pressure, created by the news about Bancor heist. While Bitcoin is still 170% higher that a year ago, traders and investors are concerned by the lack of upside momentum Meanwhile, China once again expressed support for blockchain technology and aired critical views with respect to digital money. "We all think blockchain is an innovation with significant meaning - correct. But we… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.