Amid the ongoing cryptocurrency rout this week, a joint notice issued Tuesday by three Chinese financial self-regulatory bodies underscored the investment and legal risks involved with trading in virtual currencies, adding to downward pressure on prices.
The three industry organizations -- the National Internet Finance Association of China, the China Banking Association and the Payment & Clearing Association of China -- said a number of actions involving cryptocurrency trading are unlawful. Bitcoin, the largest cryptocurrency, fell as much as 30% to $30,000 Wednesday, hitting its lowest level since the beginning of February.
