Bitcoin Price Extends Drop After China Intensifies Crypto Crackdown – WSJ

The price of bitcoin and other cryptocurrencies slid Monday after China s central bank ordered the country s largest banks and payment processors to take a more active role in curbing cryptocurrency trading and related activities.

The People s Bank of China on Monday said it summoned representatives of multiple institutions including state-owned commercial banks and Ant Group Co. s Alipay and told them to strictly implement recent notices and guidelines from authorities on curbing risks tied to bitcoin and cryptocurrency fundraising activities. It was the latest sign that Beijing is intensifying its crackdown on unregulated virtual currencies.

via www.wsj.com