Bitcoin and cryptocurrency-related stocks fell after new restrictions on the crypto industry in China

24-09-2021

The Central Bank of China announced a ban on digital currencies. Chinese authorities consider transactions with crypto-assets illegal. In connection with the restrictions of regulators began to decline the share price of organizations associated with digital currencies.  

Coinbase, a cryptocurrency exchange, lost 3% in price. Also, shares of companies that recognized bitcoin and other cryptocurrencies as a means of payment, such as PayPal and Tesla, fell in price. Square and NVIDIA dropped more than 1%, while Marathon Digital dropped 6.3%. 

The message of the Central Bank of China had a negative impact on the rate of the main cryptocurrency. The value of Bitcoin on September 24 at 16:04 Moscow time fell below $41 thousand. Tightening control over the cryptocurrency industry in China began with the May restrictions in the mining of digital coins and their trade. 

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