China’s Central Bank to crack down on crypto trade, cryptocurrencies plunge

On Friday, the 22nd of November 2019, the Shanghai headquarter of China’s Central Bank, officially called as the People’s Bank of China, had issued a public statement saying that it would soon launch a sweeping crackdown on cryptocurrency trading activity in the Shanghai municipality, which in effect had started off a havoc-scale sell-off in global cryptocurrency market, while during preparation of the report, at early morning US trading hours, the original crypto, Bitcoin was down by just a notch shy of 10 per cent, Ethereum was trading 11.93 per cent lower, while Litecoin shed 11.83 per cent and Ripple fell by 7.15 per cent.

Meanwhile, the Chinese financial regulators had also raised an alarming bell for the investors adding that the traders should not confuse blockchain activity with cryptocurrency, a majority issuers of which were being capitalized on money laundering activities or a swathe of slanderous offenses ranging from pay offs for drug cartels to weapon sales…