China vs bitcoin WAR: Why has China 'banned' cryptocurrency?

The three industry bodies are the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.

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.”

The ban followed a global bitcoin bull run which revived crypto trading in China.

A bull run, sometimes called a bull market, is when a financial market sees prices continually rising or expected to rise.

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