A China crypto ban has gone into effect and it’s playing havoc with the digital assets and stocks connected to them.
Let’s jump into that news below with a look at what all the ban entails.
- The China crypto ban has several regulators in the country introducing new blocks on cryptocurrency.
- Among them is the country’s central bank, which no longer allows its use for transactions or trading.
- In addition to this securities and foreign exchange regulators are also putting a stop to crypto trades heading out of the country.
- This creates a system where crypto can’t be used in China and companies overseas can’t interact with it in the country.
- That means that crypto exchanges won’t be able to service users in China.
- Among those is Coinbase Global (NASDAQ:COIN), which is seeing its shares drop on the news.
- In fact, several other companies connected to crypto are also falling today.
- Traders can get all of those details by following this link!
- On that same note, cryptos such as Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), and Litecoin (CCC:LTC-USD) are also dropping today.
- Investors interested in that can learn all about it at this link!
- China banning crypto is doing major damage today but the writing was on the wall.
- The country’s cabinet announced back in May that it was going to crack down on cryptocurrency.
- Even so, it looks like investors were expecting stricter restrictions rather than a full-on ban.
Crypto investors looking for news today outside of the China ban will want to stick around.
InvestorPlace.com has all the latest crypto news that traders need to know about. That includes what’s happening with ETH, BTC, and LTC lately. You can get all of those details by following the links below!
More Recent Crypto News
- Ethereum Holders Face Some Hard Questions Ahead In Unpredictable Market
- If Bitcoin Really Is Digital Gold, Then $500,000 Is the Next Stop
- Litecoin Is an Interesting Crypto With a Huge Upside
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.