Bitcoin and Ethereum Sink as China Central Bank Says Crypto Transactions Illegal
Cryptocurrencies from Bitcoin to Ethereum to smaller coins were tumbling Friday after the People’s Bank of China said all crypto-related transactions were illegal and must be banned.
Bitcoin, the world’s largest digital currency, dropped 3.3% to $42,603, Ethereum sank 7.9% to $2,872, XRP fell almost 7% and Cardano was down 3.7%.
“Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies,” the People’s Bank of China said in a statement on its website Friday.
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