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May 19, 2021 10:40 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/7QuzXTD9ODU/bitcoin-dogecoin-see-big-drops-after-china-reiterates-ban-on-crypto-services
Bitcoin, Dogecoin See Big Drops After China Reiterates Ban On Crypto Services
Bitcoin, Dogecoin, Ethereum and seemingly every cryptocurrency out there took a big hit Wednesday following the news of China reconfirming its criticism of the crypto service. This appeared to contribute to a sell-off across the board and is even affecting the stock market. CNET reports: The China Internet Finance Association said it will not allow the country's financial institutions to partake in any business related to cryptocurrency due to the volatile nature of the digital coins, according to a Chinese media report Tuesday that was spotted earlier by Coindesk. This move isn't new. China took a similar stance back in 2017, which also resulted in a massive Bitcoin selloff. Bitcoin's price dropped sharply Wednesday morning to a low of just below $32,000. It has since rebounded to $37,000, according to Coindesk, which still makes it a loss of 12% for the day. Ethererum and Dogecoin also saw drops at about the same time and are down 12% and 13% respectively.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/7QuzXTD9ODU/bitcoin-dogecoin-see-big-drops-after-china-reiterates-ban-on-crypto-services
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