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China plans to restrict cryptocurrency

The value of cryptocurrency asset Bitcoin has fallen by seven per cent after China has announced plans to restrict cryptocurrency activities in the country further.

China banned cryptocurrency exchanges and transactions earlier in the year, raising concerns about mining’s effect on the environment. The government of the former largest cryptocurrency market has been clamping down on the trade since 2019.

The price of bitcoin fell after this advancement, dropping by over seven per cent to $60,889. Ether, the second-largest digital token after bitcoin, also dropped more than 8 per cent on Tuesday to $4,297, the worst level recorded in two weeks.

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