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The central bank made it clear that it was illegal for overseas exchanges that provide cryptocurrency services for residents in China through the internet

China Makes Crypto Transactions Illegal, Bitcoin Plunges in Value

Bitcoin fell by nearly $2,000 to $42,800 after this announcement, erasing Thursday’s 3% gain. The cryptocurrency was trading 3.66% lower at $42,176.35 on the day at 12:30 PM ET

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Published - Sep 24, 2021, 09:09 PM ET
Last Updated - Jun 05, 2024, 02:29 AM EDT

By Yashasvini Razdan, 2:50 PM ET

Key points -

l Chinese central bank announced that all crypto transactions are illegal

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