Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading
Tiger Newspress2021-05-21
Crypto stocks tumbled again on China's crackdown on bitcoin mining and trading.
Cryptocurrencies have fallen,Bitcoin fell below $38000 per coin, down 6.65% in the day;while Ethereum fell below $2500 per coin, down more than 14%.
In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.
The statement, released late Friday in China time, said it is necessary to "crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field."
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