Bitcoin plunges as China cracks down on crypto assets

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Chinese authorities cracked down on crypto asset trading in the country today (May 19), triggering a plunge in the value of bitcoin and many other crypto assets.

The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China issued a joint warning to their members that they should not provide crypto-related services to customers. The tougher rules were issued by the People’s Bank of China.

Members of the three associations

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