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Why are Bitcoin and other cryptocurrencies plunging?

Hong Kong (CNN Business) Bitcoin and other cryptocurrencies are plunging as anxiety spreads through the market — this time, after China took more steps to crack down on the digital coins.

What is bitcoin and how does it work?

What is Bitcoin? Bitcoin is the first and most widely recognized cryptocurrency. It enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodically updated public transaction ledger called a 'blockchain.'

What happened to Bitcoin and Ethereum?

BITCOIN and Ethereum have plummeted $200billion in the last 24 hours after Russia promised to crackdown on the lucrative cryptocurrencies. The two most-trusted cryptos went into a dramatic freefall on Wednesday with other smaller coins like BNB, Solana and Cardano following suit.

How is Bitcoin distributed?

Distributed: All Bitcoin transactions are recorded on a public ledger that has come to be known as the 'blockchain.' The network relies on people voluntarily storing copies of the ledger and running the Bitcoin protocol software.

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