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China Again Cause Of Crypto Market Fall As The People’s Bank Of China Has Imposed A Ban On All Cryptocurrency Related Transactions

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Bloomberg reports The People’s Bank of China has imposed a ban on all cryptocurrency-related transactions, according to its Sept. 24 statement



Bitcoin fell nearly 5per cent on Friday after China’s central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors.

The largest cryptocurrency was last down 4.6per cent at US$42,309, with smaller coins that typically trade in tandem with bitcoin also tumbling. Ether fell over 8per cent while XRP slipped 7per cent.

The People’s Bank of China also said it will bar financial institutions, payment companies and internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities.

“Crypto markets are in an extremely frail state overall, and these sorts of downswings speak to that; there’s a degree of panic in the air,” said Joseph Edwards, head of research at cryptocurrency broker Enigma Securities.

“Crypto continues to exist in a grey area of legality across the board in China.”

Shares in cryptocurrency and blockchain-related firms also came under pressure with U.S. listed miners Riot Blockchain, Marathon Digital and Bit Digital slipping between 4.1per cent and 5.1per cent in premarket trading. China-focused SOS slipped 1.2per cent while crypto exchange Coinbase Global fell 2.7per cent.

 

Walter Bloomberg says:

 

Bloomberg’s Francine Lacqua commented:

VanEck’s director, Gabor Gurbacs, predicts that China’s tough stance on crypto will make investors relocate “a lot of capital” from Asia to western countries.

Affected by the policy, the tokens of several major exchanges that have mostly chinese users, falls sharply:

 

Earlier this year, Chinese authorities said they would crack down on cryptocurrency mining, sparking a massive sell-off of bitcoin and other coins, also China Central Bank Restricted Banks and Payment Providers to Deal with Crypto-Related Businesses Including Exchanges.

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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