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Chinese Regulators Ban Crypto Trading
Description
China’s crackdown on cryptocurrency continued on Friday as regulators imposed a ban on crypto transactions and mining. As a result, Bitcoin and other top coins fell along with crypto and blockchain stocks. China vows to stop what it terms “illegal” crypto activity, bringing 10 state agencies together to stop crypto trading. Bequant CEO George Zarya said, “This time, the point was made very clear that China will not support cryptocurrency market development as it goes against its policies of tightening up control over capital flow and big tech.” Bitcoin dropped over 6% after the news broke, while Ether and Ripple fell around 10%. Additionally, Riot Blockchain ($RIOT@US), Marathon Digital ($MARA@US), and Bit Digital ($BTBT@US) all fell between 6 and 7%.
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