Bitcoin and ether slide as China intensifies crackdown on cryptocurrencies

Bitcoin and ether tumbled Friday, with traders rattled by tough talk out of China.

The price of bitcoin fell about 5% to $42,496.12, according to Coin Metrics data. Ether, the second-largest digital currency, dropped 7% to $2,921.53.

It comes after the People’s Bank of China said in a Q&A that all crypto-related activities are illegal. Services offering trading, order matching or derivatives for virtual currencies are strictly prohibited, the PBOC said, while overseas exchanges are also illegal.

This article by Ryan Browne continues on CNBC.com

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