Bitcoin, Dogecoin, Ethereum and seemingly every cryptocurrency out there took a big hit Wednesday following the news of China reconfirming its criticism of the crypto service. This appeared to contribute to a sell-off across the board and is even affecting the stock market. CNET reports:
The China Internet Finance Association said it will not allow the country’s financial institutions to partake in any business related to cryptocurrency due to the volatile nature of the digital coins, according to a Chinese media report Tuesday that was spotted earlier by Coindesk. This move isn’t new. China took a similar stance back in 2017, which also resulted in a massive Bitcoin selloff.