News Snapshot:
On Friday morning, China reiterated their intention to crack down on cryptocurrency. Ten Chinese government agencies, including the central bank, said in a joint-statement that they would intensify a “high-pressure” crackdown on cryptocurrency trading. The People’s Bank of China said cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet. The news caused crypto markets to tumble on Friday morning. The value of the world’s cryptocurrencies dropped to a low of about $1.8 trillion as of 7:15 a.m. ET, falling about 9% just hours following China’s...
