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What happened to bitcoin in China?

Bitcoin, the world’s largest cryptocurrency, dropped as much as 7 percent, to around $41,100, on the news, but recovered somewhat as the day went on. The clampdown in China comes as the country’s central bank has been testing its own digital currency, the electronic Chinese yuan.

Why did the price of bitcoin drop in China?

The clampdown comes as China’s central bank has been testing its own digital currency. The price of Bitcoin dropped on the news. A worker in a cryptocurrency mining farm in Dujiangyan in China's southwestern Sichuan Province. Agence France-Presse — Getty Images

Is bitcoin a crime in China?

The Chinese crackdown has already hit the mining industry. In September 2019, China accounted for 75% of the world's Bitcoin energy use. By April 2021, that had fallen to 46%. Trading Bitcoin and other crypto-currenices is a criminal activity, China's central bank says.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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