The prices of most cryptocurrencies, including bitcoin, are seeing a fall on Friday. China’s central bank has threatened to crackdown on cryptocurrency trading and bans foreign exchanges serving domestic investors. This caused the price of bitcoin, the country’s largest, oldest, and most popular cryptocurrency, to drop by 4.6 percent.
The price of bitcoin fell 4.6 percent to $42,874. The price of Ether, the world’s second-largest cryptocurrency, fell by 8 percent and XRP by 7 percent. After a week of continuous decline in the price of bitcoin, there was a rally on Thursday but once again it is on a downward trend. In mid-April, its price had crossed $65,000.
What China’s Central Bank Said
The People’s Bank of China says it will ban financial institutions, payment companies and Internet companies that promote cryptocurrency trading and increase monitoring of risks from such activities. Joseph Edwards, Head of Cryptocurrency Research, Enigma Securities, said that the crypto market overall is in a weak position.