Bitcoin Down, Ethereum, Dogecoin High in Early Saturday Trading
Bitcoin was trading 0.54% lower at the start of Saturday, a day after Chinese regulators said all crypto-related activity is illegal.
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According to Coindesk, the price was around $42,850 per coin, while rivals Ethereum and Dogecoin were trading at $2,945 (+0.87%) and 21 cents (+0.55%) per coin, respectively.
Following the announcement by the People’s Bank of China, Bitcoin fell by about 6% to around $41,700 per coin, while Ethereum and XRP fell 8% to around $2,800 per coin and 7% to 91 cents per coin, as per real-time price Gaya. Tracking by Coindesk.
A notice from the People’s Bank of China on Friday complained that 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.
Under the terms of the note published by the government, banks and other financial institutions are prohibited from offering crypto-related services, including transactions of fiat for cryptocurrencies, or transactions from one crypto to another. Anyone facilitating a trade is subject to legal prosecution, including individuals who reside inside China but work for offshore crypto exchanges that serve China.