Bitcoin Price Plummets After Beijing Warns of Crypto Crackdown

A physical imitation of the Bitcoin crypto currency displayed on foreign bank notes in Paris, France, on April 26, 2021. (Martin Bureau/AFP via Getty Images)
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After increasing in value for months, cryptocurrencies, led by Bitcoin, have recently depreciated across the board. Chinese state media admitted that it’s directly related to two recent moves by Beijing financial authorities. The first major action was on May 18, when National Internet Finance Association of China, China Banking Association, and Payment & Clearing Association jointly issued a statement on preventing the risks of speculation in
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