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China’s shock crackdown on cryptocurrencies rocks markets

Stocks struggled for direction after China intensified its sweeping regulatory crackdown on cryptocurrencies.

Bitcoin, ether and other digital tokens tumbled.

In another blow to investor sentiment, the world’s second-largest economy said crypto-related transactions will now be considered illicit financial activity.

Traders remained on guard for what Chinese regulators may target next as the government also tightens its grip on sectors ranging from private education to digital gaming, e-cigarettes, property and insurance.

“The risks are skewed to the downside for now,” Fawad Razaqzada, an analyst at ThinkMarkets, wrote in a note to clients.

“China is the major risk that is likely to keep prices under pressure for a while.”

Tech shares in the S&P 500 fell, while financial companies outperformed. The dollar climbed.

Bitcoin slid about 5.5pc, while ether plunged almost 13pc earlier yesterday. Crypto-related stocks like Riot Blockchain and Marathon Digital Holdings also tumbled.

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,975 0.01 % 0.65 % 0.64 %
Ethereum4,131.1 0.11 % 0.70 % 7.18 %
Binance Coin480.34 0.16 % 1.38 % 2.07 %
Tether0.9997 0.51 % 0.57 % 0.31 %
Cardano2.140 0.04 % 1.61 % 1.05 %
Solana201.11 0.25 % 1.54 % 25.80 %
XRP1.090 0.40 % 0.59 % 0.11 %
Polkadot43.35 0.32 % 1.65 % 2.90 %
Dogecoin0.2731 0.41 % 8.64 % 14.80 %
USD Coin1.000 0.18 % 0.41 % 0.04 %

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