Bitcoin price tumbles as China makes crypto transactions illegal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The price of bitcoin and other cryptocurrencies has tumbled in the wake of the latest crackdown from China.
The countries central bank said that digital currencies “cannot be used in the market as money” and banned companies from offering services such as cryptocurrency exchanges.
It is the latest – and most substantial – part of an ongoing crackdown by Chinese authorities on cryptocurrencies, which the country’s officials argue are used for illegal activities and put normal people at risk.
Before the announcement, many cryptocurrencies had been enjoying a largely positive day of trading.
But in the hours after it was announced, the value of digital currencies plunged. Bitcoin fell almost 6 per cent, and Ethereum fell almost 7 per cent.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments