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After China central bank vows to crack crypto trade, Bitcoin slips

After China central bank vows to crack crypto trade, Bitcoin slips

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Global Business Review Magazine
Saturday, June 10, 2023
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After China central bank vows to crack crypto trade, Bitcoin slips

After China central bank vows to crack crypto trade, Bitcoin slips

bitcoin trading market data chart. virtual cryptocurrency concept

Bitcoin fell nearly 5% after China’s central bank said that it would crack down on cryptocurrency trading. From providing services to mainland investors, they have banned the overseas exchange. The largest cryptocurrency was last down 4.6% at $42,874.

This fall down is with smaller coins that typically trade in tandem with bitcoin also tumbling. Ether fell over 8% and XRP slipped 7%. The People’s Bank of China said that it will bar financial institutions, payment companies and internet firms from facilitating cryptocurrency trading. Monitoring of risks from such activities will strengthen.

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Joseph Edwards is the head of research at cryptocurrency broker Enigma Securities. He stated that the Crypto markets are in an extremely frail state overall. These sorts of downswings speak to that and there is a degree of panic in the air. Also, the Crypto continues to exist in a grey area of legality across the board in China.

Shares in cryptocurrency and blockchain-related firms also came under pressure. This is with U.S. listed miners Riot Blockchain, Marathon Digital and Bit Digital slipping between 4.1% and 5.1% in premarket trading. SOS slipped 1.2% and the crypto exchange Coinbase Global fell 2.7%. Chinese authorities said that, earlier this year they would crack down on cryptocurrency mining. This will spark a massive sell-off of bitcoin and other coins.

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Investors caught off guard as Bank of Canada’s inflation indicator fails

BoC sets rates to two-decade peak with room for more

US markets’ slump deepens to a half-year peak; its consequences

US markets’ slump deepens to a half-year peak; its consequences

Dollar edges up as jolt from Fed minutes wanes

Dollar unflinchingly holds position amid uncharted numbers

Deutsche Bank snapped by Credit Suisse

Timeline until: Credit Suisse stumbled and UBS went to its aid

Relentless debt: US loans are dragging; root cause multiplies

Relentless debt: US loans are dragging; root cause multiplies

UK to slash bond issuance

Banks toss bets for high-jeopardy bonds

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • BoC sets rates to two-decade peak with room for more
  • US markets’ slump deepens to a half-year peak; its consequences
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  • Timeline until: Credit Suisse stumbled and UBS went to its aid
  • Relentless debt: US loans are dragging; root cause multiplies

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