November 22, 2019 / 11:50 AM / 16 days ago

Bitcoin plummets to a 6-month low on China crackdown

LONDON, Nov 22 (Reuters) - Bitcoin slumped to a six-month low on Friday after China’s central bank launched a fresh crackdown on cryptocurrency, warning of the risks from issuing and trading digital coins.

Bitcoin, the world’s biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 6% at $7,134.

The People’s Bank of China’s Shanghai headquarters had said it would tackle a resurgence of illegal activities around virtual currencies, cautioning investors not to confuse crypto with blockchain technology.

Reporting by Tom Wilson; Editing by Saikat Chatterjee

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