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Shares Of Blockchain-Linked Firms Tumble As China Calls Cryptos Illegal Again By Investing.com

by Miki 09/24/2021
by Miki 09/24/2021 0 comment
Shares Of Blockchain-Linked Firms Tumble As China Calls Cryptos Illegal Again
© Reuters.

By Dhirendra Tripathi

Investing.com – Shares of blockchain- and crypto-related companies were taking a beating Friday as authorities in China vowed a strict crackdown against digital currencies.

Crypto exchange Coinbase (NASDAQ:) fell 4% on Nasdaq. Marathon Digital (NASDAQ:), Bit Digital (NASDAQ:), Hut 8 Mining (TSX:) and Riot Blockchain Inc (NASDAQ:) fell 7% to 8% in premarket trading.

MicroStrategy (NASDAQ:), one of the biggest investors among listed companies, fell 6%. Argo Blockchain (LON:) dropped 13% in London trading.

The warnings led to a slump in the value of Bitcoin () and other digital currencies as well. The largest cryptocurrency slumped below the  $41,000-level and then recouped it. Ethereum fell 19% and Dogecoin 16%.

People’s Bank of China reiterated its long-held view that all digital currency activities are illegal while pledging to crack down on the market.

“Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies,” according to a translation of comments the central bank posted as a Q&A on its website.

The PBOC also advised banks and payment institutions like Ant Group Co Ltd (HK:) against providing crypto-linked services.

It’s not the first time China has talked tough on cryptocurrencies. Beijing cracked down on cryptos earlier in June, forcing many mining bases to shut. Before that, China accounted for more than half of global Bitcoin mining production.

 

 

 

 

 

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

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      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

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      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

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      How to Create Your Own Cryptocurrency

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  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
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      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

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      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

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