Crypto market wipes $100B in minutes as China vows crackdown on crypto trading

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China’s central bank has announced a new series of cryptocurrency crackdown measures outlawing what it terms as illegal activities around digital currencies.

The bank has banned foreign exchanges from providing their services through the internet in mainland China, Reuters reports.

According to the People’s Bank of China, it will accelerate its monitoring capabilities to enhance the new regulations. Under the new guidelines, the bank has also banned financial institutions and payment firms from facilitating cryptocurrency trading.

In the wake of the news, the cryptocurrency market wiped off the gains made early Friday. By press time, Bitcoin had corrected to $42,000, contributing to a general sudden wipe-off of about $100 billion in the cryptocurrency market cap. The asset is currently trading at $42,500, dropping almost 4% in 24 hours.

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