Bitcoin plummets to a six-month low on China crackdown

Bitcoin plummets to a six-month low on China crackdown

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrency, warning of the risks from issuing and trading digital coins.

FILE PHOTO: Picture illustration of a small toy figurine and representations of the Bitcoin virtual
FILE PHOTO: A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/File Photo

LONDON: Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrency, warning of the risks from issuing and trading digital coins.

Bitcoin, the world's biggest cryptocurrency, fell 9per cent to US$6,929, its lowest since May, and was last down 6per cent at US$7,134.

The People's Bank of China's Shanghai headquarters had said it would tackle a resurgence of illegal activities around virtual currencies, cautioning investors not to confuse crypto with blockchain technology.

(Reporting by Tom Wilson; Editing by Saikat Chatterjee)

Source: Reuters

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