News Snapshot:
What just happened? The Chinese government’s long-running battle against crypto took a drastic turn earlier today when the country’s central bank said all cryptocurrency-related transactions are illegal and must be banned. The announcement has seen the price of BTC plummet from $45,200 to $42,675 in the space of two hours. The People’s Bank of China on its website wrote that all cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market. Reuters [reports](//www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/) that the PBOC will bar financial institutions, payment companies, and internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of...
