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Tech Flat As China Cryptocurrency Crackdown Weighs -- Tech Roundup

09/24/2021 | 05:25pm EDT

Shares of technology companies were flat amid concerns about another crackdown on emerging technologies in China.

In a statement posted on its website, the People's Bank of China declared all cryptocurrency transactions illegal, citing the risks of trading the digital currencies and the dangers to social stability. The price of bitcoin fell by 8% to around $41,000 in the immediate aftermath of the surprise crackdown, before recouping some of those losses.

Bitcoin advocates argue that governments have limited power to intervene in a decentralized, anonymous marketplace.

Other Chinese tech stocks such as Alibaba Holdings and Tencent Holdings retreated in sympathy, stalling the rebound in the wake of Beijing's crackdowns on Internet gaming and online finance.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

09-24-21 1724ET

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