Cryptocurrency price news - China central bank declares crypto transactions ILLEGAL as Bitcoin cost drops on Coinbase

CHINA'S central bank has declared cryptocurrency transactions illegal as the cost of Bitcoin drops on Coinbase. China made the cryptocurrency announcement yesterday which states that the mining the tokens is banned. The People's Bank of China (PBOC) said: "Virtual currency-related business activities are illegal financial activities." The country previously banned financial institutions from offering crypto related transactions, and warned investors against speculative trading in them. The price of Bitcoin fell more than 9%, to $41,085, in the hours after the announcement, as did most other crypto tokens. Ethereum skidded almost 10%, falling from $3,100 to around $2,800. Read our cryptocurrency…