China declares all cryptocurrency transactions illegal, causing Bitcoin prices to fall – NewsBreak

Bitcoin news – live: BTC price tumbles as China central bank launches crackdown on cryptocurrency

Bitcoin and several other cryptocurrencies are tumbling after an announcement from China’s central bank that all crypto-related transactions are illegal in the country.While the price of bitcoin was stabilising around $44,000 early Friday, even reaching $45,000 at a point, in the last two hours it has nosedived to $42,000 after China’s central bank announced further crackdown on the cryptocurrency.The global cryptocurrency market is down by about 3 per cent in the last 24 hours.Several cryptocurrencies, including Ethereum (ether), Solana (SOL), and dogecoin are down by nearly 7 per cent compared to their values 24 hours earlier.The latest statement from the Chinese officials says any business activities using digital currencies are illegal in the country.Most of the drop in values of cryptocurrencies have happened within the last two hours. You can follow all the latest news, updates and expert price predictions in our live blog right here. Read More Watch cryptocurrency experts discuss bitcoin price predictionsWhat is Solana? The crypto that defied the price crash – and is rising 200-times faster than bitcoin in 2021

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