China has declared all cryptocurrency transactions and any related activities within its borders illegal — a massive crackdown that has sent Bitcoin plummeting yet again.
The cryptocurrency fell from highs of just over $45,000 early Friday morning down to under $41,000 around 7 am Eastern.
The People’s Bank of China made the announcement in a Q&A posted to its website. “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the post reads, as translated by CNBC.