Cryptocurrency prices today: Bitcoin, ether tumble as China intensifies crackdown on crypto trading – Moneycontrol

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Cryptocurrency prices tumbled on September 25 after China’s central bank declared all transactions involving Bitcoin and other virtual currencies illegal.
The global cryptocurrency market cap is $1.91 trillion, a 4.23 percent decrease over the last day. The total crypto market volume over the last 24 hours is $134.58B, which makes a 34.00 percent increase, as per Coin Market Cap.
Bitcoin’s price is currently Rs 33,46,436  and its dominance is currently 42.04 percent, a decrease of 0.08 percent over the day.
Also Read | Bitcoin slips after China central bank vows to crack down on crypto trading
The price of Bitcoin fell over 4 percent, in the hours after China’s Central Bank’s announcement, as did most other crypto tokens.
Bank notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.
“Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website.
The People’s Bank of China is developing an electronic version of the country’s yuan for cashless transactions that can be tracked and controlled by Beijing.
Also read | China central bank says will issue a nationwide ban on cryptocurrency mining
Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks.
Promoters of cryptocurrencies say they allow anonymity and flexibility, but Chinese regulators worry they might weaken the ruling Communist Party’s control over the financial system and say they might help to conceal criminal activity.
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