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Bitcoin and Ethereum Sink as China Central Bank Says Crypto Transactions Illegal


Cryptocurrencies from Bitcoin to Ethereum to smaller coins were tumbling Friday after the People’s Bank of China said all crypto-related transactions were illegal and must be banned.

Bitcoin, the world’s largest digital currency, dropped 5.7% to $41,194, Ethereum sank 10.2% to $2,757, XRP fell 8.5% and Cardano was down 5.7%.

“Financial institutions…

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