Cryptocurrency price news – China’s crypto ban sparks slide in Bitcoin and Ether

CHINA’S crackdown on cryptocurrencies has seen Bitcoin and Ether plunge in price after the country ruled all transactions in the digital assets were illegal.

Bitcoin’s price dipped about five percent to $42,496.12, according to Coin Metrics data. Ether, the second-largest digital currency, dropped seven percent to $2,921.53.

It comes after China said that mining for cryptocurrency tokens is banned.

The People’s Bank of China (PBOC) added: “Virtual currency-related business activities are illegal financial activities.”

The country previously banned financial institutions from offering crypto-related transactions and warned investors against speculative trading in them.

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