Crypto investors are seeing lots of red this morning after the China crackdown. Bank of China (PBOC) asked China`s largest financial institution to halt cryptocurrency trading on Monday. Dogecoin (CCC: DOGE-USD) is down more than 20% in the last 24 hours. Cryptocurrency`s Polkadot (CCC:DOT-USD) was down 20%, while the two major cryptocurrencies by market cap, Bitcoin (CCC:BTC-USD) DOWN 5%.Ethereum (CCC:ETH-USD), were down 10%.
Why are cryptocurrencies declining today?
The Beijing Central Bank has notified China`s largest bank that it cannot provide goods or services such as trading or liquidation of cryptocurrency transactions. Lenders must also provide stock accounts for cryptocurrency exchanges and over-the-counter sellers. He also said that he should be offline to pay for the transaction as quickly as possible. Nothing new, but politicians are again concerned about the dangers of cryptocurrency trading being used for illicit transactions and money laundering across borders.
Why is china`s crypto crash today? Mining concerns: The Bank of China plans to mine cryptocurrencies in the region to reduce activity in Sichuan, the world`s largest bitcoin mining region. On Monday, one of China`s largest banks cited central bank instructions to crack down on cryptocurrency trading.
Chinese regulators aren`t the only ones throwing bubbles at cryptocurrencies.
When the Basel Banking Supervisory Board announced on June 10 that it would expand its cryptocurrency offering by providing the most stringent capital requirements for Bitcoin and other cryptocurrencies, it clearly took risks associated with its business. Bloomberg said it was owned by the bank and had been warned in the notice.
Several major US banks reported increased customer interest in the asset, with JPMorgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS) having the best deals. Exposure to a growing but volatile asset class.
