Bitcoin down 50% after China crackdown

Posted by: Jennifer Cefai (3 years, 9 months ago)

It seems Bitcoin has met its match in China, owing to its sudden tumble. The Chinese government has issued a blanket ban on the currency, with Bloomberg reporting that central bank officials have blocked banks from clearing Bitcoin transactions. They have also ordered all Bitcoin transactions to cease by Chinese New Year, which is in late January. Even though a good number of US investors are still keen on the emerging currency, having a country like China at odds with it does not spell good news for Bitcoin.

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