The position of the People’s Bank of China on the issue of cryptocurrencies, released on Wednesday, May 19, led to the collapse of the bitcoin rate to the lowest since the beginning of February. This is evidenced by trade data.

As of 9:00 am, the cost of the main cryptocurrency dropped to 39.3 thousand dollars per coin, the fall is 13.5 percent per day. Etherium cryptocurrency lost even more – 16.6 percent. It is trading at $2.95 thousand.

Beijing announced that cryptocurrencies cannot be used as a method of payment. Russia has similar ban has been since January this year. However, the position of the Chinese authorities, which accounts for a substantial share of mining and production of equipment for it, is more meaningful for the market.