China: PBOC’s Fresh Crackdown on Crypto Sends the Market Tumbling


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China has announced a fresh crackdown on cryptocurrencies. The People’s Bank of China is targeting transactions. It has declared them illegal as well as crypto-related businesses. Financial institutions too cannot provide services related to crypto, according to the announcement. The PBOC Against Crypto Consequently, the crypto market went tumbling down. Bitcoin is trading below $43,000, a 3.65% drop from yesterday. Over a week, the price is down to over 10%. Ethereum, the second-largest crypto by market capitalization, is down 7.6% from yesterday. Other altcoins have followed suit. The People’s Bank of China announced in a Q&A on its website. It...