Bitcoin Falls to Two-Week Low as China Cracks Down on Crypto

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Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.

The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in ny . Ether declined 13% to $1,950.

China announced on Monday that it summoned officials from its biggest banks to a gathering to reiterate a ban on providing cryptocurrency services. It’s the newest sign that China decides to do whatever it takes to shut any loopholes left in crypto trading.

Representatives from Industrial and full-service bank of China Ltd., Agricultural Bank of China Ltd., and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, consistent with a press release from the financial institution on Monday.

China Calls Top Banks to a gathering to strengthen Crypto Ban

“The PBOC crackdown goes further than initially expected,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. “Mining was phase one and speculation is phase two.”

Separately, a Chinese city with abundant hydropower has stepped up action to rein in mining. A Ya’an government official told a minimum of one Bitcoin miner that the town has promised to uproot all Bitcoin and Ether mining operations with a year, said an individual with knowledge of things.

In the backdrop, the appetite for risk assets has diminished after last week’s hawkish policy pivot by the Federal Reserve Systemalbeit equity markets tipped into the green on Monday, analysts pointed to lingering jitters about frothy corners of the market.

“If, as I expect, the worldwide buy-everything unwind continues in the week, Bitcoin will feel those chill winds,” said Jeffrey Halley, senior analyst at Oanda Asia Pacific Pte.

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