Following the announcement from China’s central bank that all crypto-related transactions are illegal in the country, the value of bitcoin and several other cryptocurrencies dipped on Tuesday.
The prices of several cryptocurrencies, including bitcoin, Ethereum, and Solana have slid down by over 3 to 5 percent in the last 24 hours. Bitcoin value slid down from $45,000 to $42,000 in the last 24 hours.
The crypto market is down by over 4 percent in the last 24 hours, currently valued at about $1.88 trillion. Experts say the current value drop is tied to China’s new blanket ban on all cryptocurrency trading and mining – the broadest yet by a major economy.
The latest move has barred overseas exchanges from providing services to mainland investors via the internet – a previously grey area.
Following the move, top global exchanges, including Huobi Global and Binance, have stopped new account registrations by mainland China customers.