Bitcoin plunges after China doubles down on crypto ban
ISTANBUL
The People’s Bank of China (PBoC), the country’s central bank, has reiterated its decision that digital asset activities are illegal in China, doubling down on its crypto ban, which led the crypto market to fall and Bitcoin to lose 5% in the last 24 hours.
The PBoC cited risks associated with crypto assets, especially in stablecoins, for its decision, declaring virtual currencies unusable as money in the market. The bank is also committed to maintaining a strict oversight over cryptocurrencies in its fight against illegal activities.
The total value of the crypto market fell to $2.93 trillion while Bitcoin dropped below $92,000 following China’s decision.
Bitcoin started the year around $93,425 but…
