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Cryptocurrencies

Bitcoin dives to 2-week low after China muzzles crypto trades

Chinese central bank tells major lenders to ban transactions in cryptocurrency

The value of Bitcoin has declined sharply since China announced new curbs against cryptocurrency trades in May.   © Reuters

BEIJING -- The value of Bitcoin and other cryptocurrencies plunged Monday after the Chinese central bank told the nation's largest banks to be more aggressive in cracking down on the trading of such assets.

Bitcoin has fallen as low as $31,744 during early-morning trading Monday, according to CoinDesk. The leading cryptocurrency is down 22% from its most recent high recorded last week, plumbing depths last realized on June 8.

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