Bitcoin value hits three-month low

According to a report of a foreign news agency, the price of bitcoin which has crossed the limit of $60,000 is circulating at $40,000 which has caused huge losses to the investors.

Bitcoin tumbled as much as 30 per cent, with frequent rapid lurches lower, before clawing back its losses to less than 8 per cent. Other digital coins were also hit by heavy selling, with ethereum, one of the best-performing cryptocurrencies in the past month, losing a quarter of its value. 

More than $8.6b of positions have been liquidated over the past 24 hours, according to data from bybt.com, a cryptocurrency data provider.

China recently warned its investors to refrain from betting on cryptocurrencies.

Earlier, Tesla founder Alan Musk called the bitcoin a threat to the environment and banned the sale and purchase of cars with the bitcoin.

As a result, the price of Bitcoin fell by 10%.

According to a report from an International News outlet, three Chinese financial institutions, the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, issued a warning on social media regarding the dealing of Bitcoin.

The Chinese financial institutions, backed by the Chinese state, have warned people that they will not be protected if they incur any losses while trading cryptocurrencies.

These institutions warned the people that the recent change in the value of the corrupt currency is a violation of the security of people's assets and is affecting the general economic and financial peace.