Regulatory risks are rising for investors.
Cryptocurrencies fell on Friday after China furthered its crackdown on the industry. Here’s how some of the most popular cryptoassets were performing as of 3:30 p.m. EDT:
- Bitcoin (CRYPTO:BTC), down 6%
- Ethereum (CRYPTO:ETH), down 8%
- Litecoin (CRYPTO:LTC), down 9%
- XRP (CRYPTO:XRP), down 7%
- Dogecoin (CRYPTO:DOGE), down 7%
Earlier this year, China banned cryptocurrency mining, an energy-intensive process that has drawn criticism from environmentalists for its potential to contribute to climate change. Chinese regulators also forbid the country’s financial institutions from providing services to crypto-focused companies.
Today, China’s central bank took the next step and declared all cryptocurrency-related activities illegal. This includes trading cryptocurrencies and their derivatives on foreign exchanges.
This article originally appeared at The Motley Fool.