Bitcoin Tumbles Following China’s Crypto Crackdown

The price of Bitcoin has fallen by more than $2,000 USD today following an announcement from China’s central bank that all transactions of crypto-currencies are now illegal.

A statement from the People’s Bank of China read: “Virtual currency-related business activities are illegal financial activities” and warned that continuing in the same way “seriously endangers the safety of people’s assets”.

China is one of the world’s largest crypto markets and despite initially banning all crypto-related transactions back in 2019, it still continued online through foreign exchanges. Earlier this year the Chinese state warned that buyers across the country would have no protection when it came to crypto, and shortly after ordered banks and payment applications to no longer facilitate these transactions.

While barriers have been put in place throughout the last few years, today’s announcement is a clear and final move to ban digital tokens across the country.

In other tech news, Apple has reportedly banned Fortnite from its App store.