After China causes bitcoin to crater, threat of new U.S. regulations loom over crypto market, experts say

 After China causes bitcoin to crater, threat of new U.S. regulations loom over crypto market, experts say

The world’s most popular cryptocurrencies took it on the chin Monday after the Chinese government continued its regulatory crackdown on bitcoin miners and companies that provide payment services for crypto-related transactions.

The People’s Bank of China said in a notice Monday that “virtual currency trading activities disrupt the normal economic and financial orders, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.”

The central bank’s statement came a day after the regional Chinese government in Sichuan announced it would close more than two dozen suspected cryptocurrency-mining operations in the hydroelectricity-rich region.

The dollar price of bitcoin
BTCUSD,
-0.26%

tumbled roughly 11% early Monday morning before paring those losses slightly. Ether

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