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The crypto market declined on Friday as the prices of major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Solana (SOL) dropped between 6 and 10 percent. The decline came after Chinese authorities announced a sweeping ban on mining and crypto transactions.
The total value of the crypto market fell by 9 percent to a low of around $1.8 trillion on Friday at 7:15 a.m. EDT, Forbes reported. The market lost $188 billion within three hours after China’s recent crackdown on crypto mining and trading.
Bitcoin fell from $44,888.20 to as low as $41,120.11 per coin on Friday based on Coindesk data. However, BTC recovered and traded $42,624.34 at the time of writing.
The People’s Bank of China (PBOC) reiterated the ban on crypto trading and posted a list of forbidden activities that includes the exchanging of one crypto for another. The 2017 crypto ban only forbids trading between cryptocurrency and fiat.
For instance, banks and other financial institutions are no longer allowed to offer services to crypto-related businesses. “Financial institutions and non-bank payment institutions shall not provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, shall not include virtual currency in the scope of collateral, shall not carry out virtual currency-related insurance business or use virtual currency,” POBC said.
Even employees working for foreign-based exchanges including those in tech support will be facing investigation. “For domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment, and settlement, technical support, etc., they shall be investigated in accordance with the law,” the bank added.
Meanwhile, the National Development and Reform Commission (NDRC) wants to completely phase out crypto mining. China’s highest state-planning body posted a “Notice on Rectifying Virtual Currency Mining” wherein new mining projects won’t be allowed while existing one will be given time to exit.
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