Why is bitcoin taking a hit as China declares all cryptocurrency transactions illegal?

Bitcoin takes a hit as China declares all cryptocurrency transactions illegal The decision was made "in order to safeguard people's properties and maintain economic, financial and social order," the People's Bank of China has said. Inside one of the nation's largest cryptocurrency mines July 5, 202105:27

Is China banning cryptocurrency exchanges and initial coin offerings?

China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies. The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.

What is China's crackdown on cryptocurrency?

SHANGHAI — China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

Is China clamping down on speculative crypto trading?

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. It was China’s latest attempt to clamp down on what was a burgeoning digital trading market.