On Friday, May 21, bitcoin (EXANTE: Bitcoin) is down by more than 10% as China signals another tightening of cryptocurrency mining. According to a statement from Chinese Vice Premier, Liu He, authorities should impose more regulation on the mining market in order to protect the financial system.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
"...[it is necessary to] crack down on bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field," the statement said.
As of press time, bitcoin is trading at the $36,432 mark. Bitcoin's market capitalization slipped to $690 billion.
China's another crackdown on cryptocurrency mining comes after bitcoin flash crashed to $28,000 amid news that China once again warned its financial institutions from offering any services to cryptocurrency-related clients.
According to a joint statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, banks and online payments channels are now prohibited from offering clients any service involving cryptocurrency.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.