Home News Bitcoin Falls Further As China Cracks Down On Cryptocurrencies

Bitcoin Falls Further As China Cracks Down On Cryptocurrencies

Bitcoin Falls Further As China Cracks Down On Cryptocurrencies

Beijing banned banks and payment firms from providing services related to crypto-currency transactions.

It also warned investors against speculative crypto trading on Tuesday.

It follows falls in Bitcoin of more than 10% last week after Tesla said it would no longer accept the currency.

On Wednesday afternoon, Bitcoin recovered some ground, although it was still down -10.4% at $38,131.

Meanwhile, other digital currencies such as Ether, which acts as the fuel for the Ethereum blockchain network, and Dogecoin lost as much as 22% and 24% respectively.

At the same time, Tesla shares fell more than 3% on Wall Street, possibly because of the electric carmaker’s exposure to Bitcoin.

The firm, owned by Elon Musk, still holds around $1.5bn worth of the crypto-currency.

Crypto-currency trading has been illegal in China since 2019 in order to curb money-laundering. But people are still able to trade in currencies such as Bitcoin online, which has concerned Beijing.