RATE Group | Bitcoin USD plummets after People’s Bank of China issues clampdown threat
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Bitcoin USD plummets after People’s Bank of China issues clampdown threat

23 Nov Bitcoin USD plummets after People’s Bank of China issues clampdown threat

Posted at 20:19h in Cryptocurrency News by

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“Once [cryptocurrency trading] is discovered, it will be disposed of immediately, and it will be prevented from happening early,” a Google translated statement from the bank said

Bitcoin USD (BTC-USD) and other cryptocurrencies are limping into the weekend, following a threat of crypto crackdown from the People’s Bank of China. 

Bitcoin lost more than 7% of its value overnight, dropping below $7,100. Ethereum USD (ETH-USD) is down nearly 10%, and other cryptos like XRP and Litecoin tell a similar story. 

The sharp descent follows a warning from China’s central bank.

“Once [cryptocurrency trading] is discovered, it will be disposed of immediately, and it will be prevented from happening early,” a Google translated statement from the bank said.

READ: Tesla turns to sci-fi classic Bladerunner for inspiration for latest Cybertruck

According to a report from Forbes, cryptocurrency isn’t expressly banned in China, but the country ordered banks not to work with Bitcoin…

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