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Bitcoin tumbles below $40,000 and other coins slide after China signals a crypto crackdown, wiping $280 billion off the market Shalini Nagarajan © Jaap Arriens/NurPhoto via Getty Images Bitcoin tumbles below $40,000 and other coins slide after China signals a crypto crackdown, wiping $280 billion off the market
Bitcoin and other major digital assets sank on Wednesday after China warned investors against cryptocurrencies.
Virtual currencies can t be used to conduct business as they don t have real value, China s central bank said.
A price drop below $30,000 for bitcoin wouldn t be surprising, a senior market analyst said.
Bitcoin and other digital currencies plunged on Wednesday after the People s Bank of China announced digital tokens can t be used as a form of payment by financial institutions.