Bitcoin price drops in fresh China crypto crackdown along with cryptocurrency prices of Ethereum, XRP, Cardano
The People’s Bank of China (PBOC) and Chinese state has ordered a fresh clamp down on crypto transactions just as Bitcoin's price had begun to rebound after dipping below $45,000
Cryptocurrency prices are already falling and feared to crash in the wake of an announcement by the Chinese central bank, the PBOC, which represented a continuation of the country’s clamp down on crypto operations.
After opening in the green on Friday, Bitcoin prices have now begun to tumble – with the major coin leading a downward turn for Ethereum, XRP, Cardano and more cryptocurrencies.
The dip comes after months of more extreme volatility for the major coin, with Chinese crackdowns on crypto mining in June seeing crypto prices fall dramatically after reaching peak highs in April and May.
Here’s the latest cryptocurrency news and prices for Bitcoin, Ethereum, XRP and Dogecoin in the wake of the PBOC’s announcement.
How much is Bitcoin worth today?
On Friday 24 September, Bitcoin was trading down by roughly four percent on the last 24 hours.
After rising to $45,026.40 on opening, Bitcoin’s price plunged to $42,370.60 at 11am.
At the time of writing, it had rebounded slightly and was fluctuating at around $42,600.30, or £31,055.83.
This came after the cryptocurrency was trading at $47,251.73 at just before 3am on Monday.
While the cryptocurrency’s market cap stood at around $946.08 billion or £693.45bn on 23 August, it had fallen to 801.92bn on Friday morning.
What did the PBOC say about banning crypto in China?
The Chinese central bank has issued a statement in which it declares that all crypto-related transactions and activities are “illegal financial activities”.
A translation of the statement posted on the PBOC’s website sees the bank claim that the rise of crypto in the country has been “disrupting economic and financial order, breeding illegal and criminal activities” and “seriously endangering the safety of people’s property”.
The statement, signed by the a number of Chinese state authorities and regulators including the Chinese Securities Regulatory Commission, went on to state that online cryptocurrency exchanges providing crypto services to Chinese citizens from overseas were also illegal.
It states that financial regulatory branches of the Chinese State Council will work with cybersecurity and telecommunications authorities to prevent digital currency trading and speculation in order “to maintain economic and financial order and social harmony and stability”.
The renewed crypto clampdown from the Chinese state comes just months after it announced it would be taking further action to suspend crypto mining operations dominant in the Sichuan province.
The new statement from the PBOC reasserts that China will “severely crack down on illegal financial activities related to virtual currencies” as well as any associated criminal activities.
It adds that financial institutions in China must not provide services for cryptocurrency-related business activities, and must continue to report any violations of this to the relevant Chinese state authorities.
When was the last major crypto crash?
In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
The cryptocurrency has continued to rise and fall as other global administrations and regulators mull legislation to curb increased crypto activity often attributed to laundering and crime.
Following the Chinese state’s move, countries like South Korea also pledged to tackle the rise in money laundering taking place via cryptocurrency, while the Metropolitan Police announced that it had successfully closed in on a huge UK cryptocurrency money-laundering operation.
July saw the Met seize a cryptocurrency operation valued at £180million in the UK’s largest cryptocurrency seizure to date.
In turn, cryptocurrency exchange platforms such as Binance have been feeling the heat across the world as regulators and governments have started to pay close attention to the operations of such platforms in the wake of the global crackdown on crypto.
The result of this saw Bitcoin’s highest prices sliced in half in June, with the coin struggling to break out of the low to mid $30k price range until it received a welcome boost from Tesla founder Elon Musk in his appearance at major Bitcoin conference in July.
The bullish rise and increased confidence in Bitcoin will likely see it remain at prices fluctuating around a $50,000 threshold but with increased resistance as it seeks to regain the lost ground between its current price and April’s all time high.
What are the prices of Ethereum, Cardano, Ripple today?
With all coins tending to move in tandem with Bitcoin, Ethereum was trading down by more than eight percent on the last 24 hours at $2,827.30 or
£2,063.17 at 11.50am on Friday.
A popular cryptocurrency synonymous with the rising crypto trend of NFTs, Ethereum has an all time high of $4,382.73 which it reached in May’s cryptocurrency boom, but it has struggled to return to this peak since.
The hype surrounding popular memecoin Dogecoin had appeared to diminish recently as new altcoins took centre stage.
Dogecoin was trading -12% on the last 24 hours at $0.206622 (£0.150901) on Monday.
Meanwhile, Cardano (ADA) prices are fluctuating around $2.14 (£1.56), XRP Ripple at $0.912072 (£0.664496) and Stellar at $0.277496 (£0.202497)
as of 11.55pm on Friday.
XRP and Stellar were down almost eight percent and six percent respectively on the last 24 hours.