The price of Bitcoin fell 29% on May 19, after China Banking Association warned of risks associated with digital currencies. Photo / APThe price of Bitcoin fell 29% on May 19, after China Banking Association warned of risks associated with digital currencies. The decline narrowed to below 10 per cent in the afternoon, but Bitcoin had still lost about US$70 billion in market value in 24 hours. Here's a look at Bitcoin and digital currencies in general:How Bitcoin worksBitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. Even with the recent sell-off, digital currencies have a market value of about $1.72 trillion, according to the website coinmarketcap.com.

Source: New Zealand Herald May 19, 2021 21:45 UTC