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Bitcoin plummets after China's central bank issues clampdown threat

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Bitcoin USD (BTC-USD) and other cryptocurrencies are limping into the weekend, following a threat of crypto crackdown from the People’s Bank of China. 

Bitcoin lost more than 7% of its value overnight, dropping below $7,100. Ethereum USD (ETH-USD) is down nearly 10%, and other cryptos like XRP and Litecoin tell a similar story. 

The sharp descent follows a warning from China’s central bank.

“Once [cryptocurrency trading] is discovered, it will be disposed of immediately, and it will be prevented from happening early,” a Google translated statement from the bank said.

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According to a report from Forbes, cryptocurrency isn’t expressly banned in China, but the country ordered banks not to work with Bitcoin exchanges back in 2017.

Chinese police raided the offices of major Bitcoin and other crypto exchanges Binance and Bithumb within the last week, Forbes said, citing media reports. However the exchanges themselves have denied it. 

The Friday morning swoon is just the latest example of global crypto markets possibly moving in response to statements from China. Last month, for instance, Bitcoin surged more than $2,000 after China President Xi Jinping said the country should “seize the opportunity” of Bitcoin’s blockchain technology, which some considered to be an indicator of a potential policy shift.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors

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