Tag: Bitcoin Tumbles as China Declares Cryptocurrency Transactions Illegal

The Chinese government yesterday intensified its crackdown on cryptocurrencies by declaring that all crypto-related transactions were now illegal in the country. Bitcoin responded negatively to this crackdown when it fell by 5.49 per cent to about $42,000, while Ethereum slumped by 7.71 per cent to $2,899, according to data from coinmarketcap.com. In May, the Chinese…