Bitcoin skids after China clamps down on mining, trading activities

 Bitcoin skids after China clamps down on mining, trading activities

Bitcoin slid on Friday after China doubled down on its efforts to prevent speculative and financial risks by cracking down on the mining and trading of the world’s largest and most popular cryptocurrency.

China’s Financial Stability and Development Committee, chaired by Vice Premier Liu He singled out bitcoin as the asset it needs to regulate more. read more

China has banned crypto exchanges and initial coin offerings before but has not barred individuals from holding cryptocurrencies.

Bitcoin last traded down 8% at $37,520, after holding the $40,000-level for most of the Asian and London sessions. The current price was roughly 25% above its Wednesday low, but below its 200-day moving average.

Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has fallen about 42%. It’s down 24% so far this week.

The statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies…

Read full article…www.reuters.com