China’s Latest Crackdown on Bitcoin, Other Cryptocurrencies Shakes Market

 

China’s efforts to restrain cryptocurrency trading and mining are adding to the wild moves in bitcoin and other markets.

Already down hard from records set this year, bitcoin and other digital currencies sold off sharply last week after Chinese authorities renewed pressure on the country’s banks and payment companies to curb cryptocurrency-related transactions. Markets stumbled again after a powerful superregulator chaired by Vice Premier Liu He pledged to crack down on bitcoin mining and trading. The price of bitcoin fell below $32,000 early Monday, down from over $44,000 a week earlier.

 

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