Bitcoin plummets to a six-month low on China crackdown


Bitcoin slumped to a six-month low on Friday after China’s central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin, the world’s biggest cryptocurrency, fell 9 per cent to $US6,929, its lowest since May, and was last down 7 per cent at $US7,107.

Bitcoin hit its lowest point since May. Credit:Bloomberg

The People’s Bank of China’s Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.

The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.



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