Bitcoin Trims Gains as PBOC Steps Up Crypto Crackdown

Bitcoin Trims Gains as PBOC Steps Up Crypto Crackdown

Bitcoin trimmed early gains after the People’s Bank of China (PBOC) reiterated its long-held anti-crypto stance, warning institutions against providing services to crypto-related companies.

China’s central bank closed down a Beijing-based company providing software services for virtual currency transactions and reiterated that no institution under its jurisdiction should engage in such transactions.

Bitcoin fell from $35,100 to nearly $34,000 after the news started doing the rounds on Twitter about 30 minutes ago.