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

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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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