Bitcoin Plunges Nearly 3%, China Looks to Expand Blockchain Business

This morning in Asia(May 24), the Bitcoin price fell by 3.60% to $29,190.82.

Bitcoin’s negative performance this morning came after the Dow gained 618 points on Monday (May 23) on the back of rising bank stocks.

  • The Dow Jones Industrial Average rose 618.34 points, or 1.98%, to close at 31,880.24.
  • The S&P 500 was up 72.39 points, or 1.86%, to close at 3,973.75.
  • The Nasdaq Index rose 180.66 points, or 1.59%, to close at 11,535.28 points.

Movements in the Crypto Space

The latest service network platform on blockchain, or BSN, backed by the Chinese government, plans to expand its business base overseas for the first time.

BSN, developed by Red Date Technology, is defined as a “one-stop store” for deploying blockchain in the cloud, which is a costly and time-consuming process. The platform is designed to connect different blockchains to help companies leverage this technology.

He Yifan, general manager of Red Date Technology, said BSN plans to launch a project called “BSN Spartan Network” overseas in August.

As far as blockchain is concerned, it has gained prominence through Bitcoin, but the popularity of blockchain has surged in other areas as well. It has become a system for sharing activity accounts that can either be made available to the public or kept for personal use.

However, BSN’s blockchain network does not work with cryptocurrencies due to China’s crackdown on digital coins.

Proponents of blockchain technology pointed out that blockchain technology can reduce costs and speed up certain business processes. China’s President Xi Jinping supported the technology by elevating the level of blockchain technology to the country’s top priority.

The Spot Market is Open

Tuesday, May 24, 2022

Crypto
Updated at
USD
Price

Change

%Change
12.00 BTC29,343.92-748.69-2.49
12.00 ETH1,985.32-59.03-2.89
12.00 LTC69.61-2.23-3.10
12.00 BNB328.68+1.16+0.35
12.00 XRP0.41-0.01-2.55
12.00 ADA0.52-0.02-4.12
12.00 DOT9.99-0.35-3.36
12.00 DOGE0.08-0.00-2.80
12.00 UNI5.73+0.03+0.44
12.00 LINK7.10-0.38-5.09

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