The Central Bank of China bans cryptocurrencies. Bitcoin and Ethereum Sink.

Rutmer Visser/Dreamstime The Chinese government has been getting tougher on cryptocurrencies. Bitcoin to Cryptocurrencies from Ethereum to smaller coins were tumbling Friday after the People's Bank of China said all crypto-related transactions were illegal and must be banned. Bitcoin, the world's largest digital currency, dropped 5.5% to $41,319, Ethereum sank 8.2% to $2,828, XRP fell 7.3% and Cardano was down 0.92% after falling sharply earlier. "Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies," the People's Bank of China said in a statement on its website Friday. Crypto-related stocks followed Bitcoin lower…