China Bans Bitcoin Again

The People's Bank of China announced that all transactions related to cryptocurrencies will be banned, and illegal financial activities related to cryptocurrencies will be punished. According to this news from The People's Bank of China, there has been a serious price drop in Bitcoin. This news, shared by The People's Bank of China, came when Bitcoin was just around $45,000. After the news, there was a decrease of approximately 5 percent in Bitcoin, and the price fell from $ 45,000 to $ 42,000. The total market value of cryptocurrencies decreased by $100 billion to $1.9 trillion.

Ten Chinese government agencies, including the central bank as well as banking, securities and currency regulators, announced in a joint statement that they will work together to maintain a "high-pressure" restriction on cryptocurrency trading.

The bank announced that they will also prevent financial institutions, payment companies and internet platforms from transacting cryptocurrencies, and strengthen its monitoring activity of crypto-related risks.

On the other hand, China's economic planning agency said that rooting out crypto mining in the country is important to meeting carbon targets.

Other cryptocurrencies were also affected by this price drop in Bitcoin. Meanwhile, Ethereum, which was around $3,112 before the Chinese news, dropped to $2,850. The daily depreciation approached 7.5 percent. Solana dropped to $134, Cardano dropped to $2.15 and Litecoin dropped to $149.

In the last 24 hours, 92 of the cryptocurrencies in the top 100 in terms of market value have lost value in dollar terms. This isn't the first time China has imposed a ban on cryptocurrencies. China has previously banned cryptocurrency mining in the country.