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Bitcoin falls 7% after China reportedly bans banks from cryptocurrency business Matthew FoxMay 19, 2021, 01:02 IST Cesc Maymo/Getty Images Bitcoin s recovery from Monday s sell-off lost steam on Tuesday after Reuters reported that China banned financial companies from the cryptocurrency business. A statement from China regulators said virtual currencies are not supported by real value, the report said. China has not restricted individuals from holding cryptocurrencies, but did warn about their speculative nature. Bitcoin fell as much as 7% from its intraday high on Tuesday after a Reuters report said China is banning financial institutions and payment companies from the cryptocurrency business. Three Chinese industry bodies released a statement warning investors about the speculative and volatile nature of cryptocurrencies, adding that they are not supported by real value, according to the report.

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