Bitcoin, Ethereum slide as China's central bank declares crypto transactions illegal

Sep. 24, 2021 5:23 AM ETBitcoin USD (BTC-USD), ETH-USDRIOT, MARA, COIN, BTBT, LTCBy: Kim Khan, SA News Editor402 Comments

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  • China's crackdown on cryptos is escalating, with the People's Bank of China taking aim at transactions and Beijing making more moves to curb mining, Bloomberg reports.
  • Bitcoin (BTC-USD) is down 3% below $43K and Ethereum (ETH-USD) falling 7.5%.
  • Litecoin (LTC-USD) is off 5%, Binance Coin (BNB-USD) down 7%, Solana (SOL-USD) down 8%, Dogecoin (DOGE-USD) is off 7% and Cardano (ADA-USD) is falling 3%.
  • While specifics are sparse, according to Bloomberg the PBOC says all crypto-related transactions are illegal, crypto-related businesses are illegal financial activities and financial institutions are not allowed to provide services for crypto.
  • The declarations come from a Q&A posted on the PBOC website, Bloomberg TV says.
  • On the mining front, China's National Development and Reform Commission is banning investment and financial support in crypto mining projects.
  • Beijing announced further moves against mining last week.
  • Crypto-related stocks are down premarket.
  • Riot Blockchain (NASDAQ:RIOT) is off 4%, Marathon Digital (NASDAQ:MARA) falls 7%, Coinbase (NASDAQ:COIN) drops 2.5% and Bit Digital (NASDAQ:BTBT) is down 4%.
  • China's "Common Prosperity" plan has resulted in a host of crackdown on its biggest tech companies and crypto has also been in the crosshairs.
  • China is also aiming to launch its own central bank digital currency.
  • Last week, SA contributor Logan Kane outlined another way China could crash Bitcoin.

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