The price of Bitcoin slipped to its lowest levels in weeks on Monday amid news of further clampdowns on cryptocurrency in China.
As of noon ET on Monday, Bitcoin was trading at approximately $32,291, a plunge of more than 6 percent over the past 24 hours and a steep fall from its all-time high of nearly $65,000 in mid-April, according to CoinDesk data.
On Monday, China’s central bank put out a statement urging against providing services for virtual currencies, according to China’s state-run news agency Xinhua. In the statement, the People’s Bank of China linked cryptocurrency use to heightened risk of illegal activity and money laundering and accused virtual currencies of disrupting normal economic activity.
The news comes approximately a month after three state-backed financial institutions in China issued a separate joint statement warning about the dangers of cryptocurrencies due to their volatility and recommending that members do not conduct virtual currency-related business.
Source-ABC
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