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Crypto News - Top Cryptocurrencies Fall After China Ban - Bitcoin News

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After China's cryptocurrency restriction, leading cryptos decline.

As Reuters reports, a Chinese ban on making use of cryptocurrencies struck bitcoin tough Wednesday early morning.

A weeklong decrease that began in the wake of Elon Musk's tweets about Tesla's bitcoin holdings continued as bitcoin fell as much as 5.3% on Binanco in New York.

China has actually announced a number of constraints, citing speculation and volatility. The constraint does not affect consumers who currently own or trade cryptocurrencies.

Recently, authorities said cryptocurrencies have actually increased in price, and speculation has risen too, endangering people's properties and interfering with the economy.

The price of Dogecoin, Litecoin, and Ethereum is also down substantially. Bitcoin is down to its lowest point considering that February.

China stopped 90% of bitcoin trading in 2017 after the nation closed down local exchanges.

"This belongs to the China tightening up on crypto," Antoni Trenchev, handling partner and co-founder of Nexo, said.

The past year, cryptocurrencies escalated as business like Square and Tesla invested greatly. But given that Tesla CEO Elon Musk stated bitcoin won't be used as a payment option, rates have decreased.

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