Bitcoin plummets below $40,000 after China's warning to financial institutions
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The prices of Bitcoin plunged below $40,000 for the first time since 9 February after China ordered the financial institutions to stop providing transaction services to cryptocurrency exchanges. The cryptocurrency market, which was already bearish after tweets by Elon Musk, has suffered further due to the action by China. The selling pressure for all the major cryptocurrencies appeared to be overpowering the buying pressure.