• The price of Bitcoin and other cryptocurrencies has plummeted in the wake of the latest legal crackdown from China.

• The Chinese central bank said that digital currencies “cannot be used in the market as money” and banned companies from using cryptocurrency exchanges.

• After the crypto ban was announced, the value of Bitcoin fell nearly 6 percent, and Ethereum fell nearly 7 percent.

Andrew Griffin from The Independent writes:

“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…”

See full story here.

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