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06 February, 2018

Bitcoin crashes as China vows to stamp out overseas crypto-trading

After hitting $20,000 six weeks ago, bitcoin plunged below $7,000 on Monday to its lowest price since November. Tighter regulation, particularly in China and India, was the main factor weighing on the price.

Other major cryptocurrencies, including ethereum and ripple, also fell sharply. Over $60 billion was wiped off the value of the entire cryptocurrency market in 24 hours, with the market capitalization falling to $320 billion.

The cryptocurrency slide comes as Chinese authorities launch their latest crackdown on cryptos. The central bank of China reportedly said it would “tighten regulations” on Chinese people’s participation in overseas cryptocurrency transactions and ICOs.

Overseas transactions and regulatory evasion have resumed,” the regulator was cited as saying by the South China Morning Post. “Risks are still there, fueled by illegal issuance, and even fraud and pyramid selling.

Beijing has already banned ICOs and shut down domestic exchanges, but that didn’t solve the issue of people accessing foreign services within the country.

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