Months after banning cryptocurrency mining activities in China, the Chinese Central Bank (PBCB) doubles down on the digital assets and bans all cryptocurrency transactions, citing “legal risks for individuals and organisations participating in virtual currency and trading activities”. The decision will also target expats, with the government saying they would be “investigated according to the law”.
Friday news spread fear among crypto traders around the world, sending the total cryptocurrency market cap to $1.8 trillion during the weekend, just few days after it was hovering above the $2.0 trillion mark.
Crypto ETFs, ETPs and ETCs tracking the cryptocurrencies took a beating. The first Canadian Bitcoin ETF, Horizons Bitcoin ETF (HBIT), lost more than 5% on the day of the news. Similarly, CoinShares Physical Ethereum (CETH) and 21Shares Crypto Basket Index ETP (HODL) fell more than 3% each on Friday.
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