LONDON : Bitcoin fell nearly 5per cent on Friday after China's central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors.
The largest cryptocurrency was last down 4.6per cent at US$42,874, with smaller coins that typically trade in tandem with bitcoin also tumbling. Ether fell over 8per cent while XRP slipped 7per cent. The People's Bank of China also said it will bar financial institutions, payment companies and internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities.
"Crypto markets are in an extremely frail state overall, and these sorts of downswings speak to that; there's a degree of panic in the air," said Joseph Edwards, head of research at cryptocurrency broker Enigma Securities.Shares in cryptocurrency and blockchain-related firms also came under pressure with U.S. listed miners Riot Blockchain, Marathon Digital and Bit Digital slipping between 4.1per cent and 5.1per cent in premarket trading.China-focused SOS slipped 1.
Earlier this year, Chinese authorities said they would crack down on cryptocurrency mining, sparking a massive sell-off of bitcoin and other coins.
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