Bitcoin crash: Why is Bitcoin dropping again? China crypto crackdown explained

The site currently has BTC on $32,097.14 (£23,034.86) down from $34,485.92 (£24,749.20) this morning.

In a statement, the PBOC said trading with cryptocurrencies disrupts the "financial order".

The bank added it "spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth”.

The latest move isn't the first time China has threatened to crackdown on cryptocurrencies.

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