China’s crackdown on cryptocurrencies: Price blip or slide?

CGTN published this video item, entitled “China’s crackdown on cryptocurrencies: Price blip or slide?” – below is their description.

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#China has cracked down on crypto #trade and services in a bid to ward off financial risks. Chinese regulators slammed the brakes on #bitcoin mining and trading-related activities, according to a statement from a meeting of the Financial Stability and Development Committee under China’s State Council. The statement came days after three Chinese industrial associations threw cold water on virtual currency trading. The crackdown is widely seen as an escalation of China’s efforts to tame virtual currency speculation. In recent weeks, bitcoin prices had been on a wild swing after Elon Musk tweeted Tesla will no longer take bitcoin payments. On Sunday, bitcoin fell by nearly 50 percent from the year’s high. What’s next for cryptocurrencies?

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