The cryptocurrency market saw a big correction with prices of major currencies, including Bitcoin, Ethereum, BNB and others crashing as much as 30% within 24 hours.
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This came in the backdrop of Chinese regulators announcing a crackdown on cryptocurrencies.
China has barred financial institutions and payment companies from providing any services related to cryptocurrency transactions.
This means that banks and online payments channels must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement.
China had issued such a ban in 2017 as well, but compared with the previous ban, the new rules have expanded the scope of prohibited services, and surmise that “virtual currencies are not supported by any real value”.