Bitcoin price crash: Will bitcoin recover? Analyst warns of crypto 'sustainable loss'

"Our advice is in line with the regulator, all cryptos are highly risky and should generally be avoided by the overwhelming majority of retail customers."

Three of China's financial industry bodies made a statement about cryptocurrency on Wednesday morning (UK time).

The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, all made it clear that cryptocurrencies aren't a sustainable investment strategy, and could even be dangerous.

They said: "Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded,seriously infringing on the safety of people’s property and disrupting the normal economic and financial order."

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