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Cryptocurrencies slide after China outlaws all crypto transactions

Bitcoin, Ether drop after days of steady rise.

Updated: September 25, 2021 - 10:15am

Popular cryptocurrencies took pronounced dips on Friday after China issued a major crackdown on all crypto transactions within its borders.

Bitcoin and ether both posted noticeable drops after several days of steady rises in share prices, with bitcoin alone plunging nearly nine percent.

Ethereum, meanwhile, was down over 13 percent after a sharp drop on Friday. 

Chinese authorities including the People's Bank of China this week said that all crypto transactions in China would henceforth be illegal. The country has been pursuing crypto regulation as a means of stabilizing its economy. 

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