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Bitcoin slips 7% on China’s latest crackdown on cryptocurrencies

Shortpedia

Content Team
Image Credit: Shortpedia

Bitcoin fell nearly 5% on Friday after China's central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors. The largest cryptocurrency was last down 4.6% at $42,874, with smaller coins that typically trade in tandem with bitcoin also tumbling. Ether fell over 8% while XRP slipped 7%.