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    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

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Home Markets Cryptocurrencies

Cryptocurrencies tumble as China calls for crack down on Bitcoin mining, trading activities

Friday, 21 May 2021, 9:38 pm
in Cryptocurrencies, Markets
0
Current Cryptocurrencies are destined to fail long term – Bank of England Governor
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The prices of Cryptocurrencies have continued to tumble after Chinese authorities on Friday said it would crack down bitcoin mining and trading activities as part of efforts to fend off financial risks and protect the financial system.

The State Council’s Financial Stability and Development Committee Chaired by Vice Premier Liu He in a statement released late Friday in China, said it is necessary to “crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”

This is coming three days after China banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

Bitcoin fell on Friday more than 10% just over $35,000 at one point. Binance Coin fell below $300 losing over 20%. Ethereum, Dogecoin and XRP were down 18.6%, 17% and 19.5% respectively.

China’s tough talk comes just a day after U.S. officials pledged to get tough on those using bitcoin to conduct “illegal activity broadly including tax evasion.” The Treasury Department said it will require reporting on crypto transfers of more than $10,000, just as with cash.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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