 "Bitcoin tumbles as China says to crack down on mining, trading activities")
Bitcoin dropped on Friday after China's Vice Premier Liu He said his government will crack down on the virtual currency's mining and trading activities.
The world's largest and most popular cryptocurrency last traded down more than 6% at $38,293 after holding the $40,000 level for most of the Asian and London sessions.
China's Financial Stability and Development Committee, which is chaired by Liu, said on Friday it will resolutely prevent and control financial risks, and singled out bitcoin as the asset it needs to regulate more.
His remarks came days after China banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading, according to three industry bodies.
Rival cryptocurrency ether also came under pressure, falling 8.4% to $2,533.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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