PBOC Crackdown Triggers Cryptocurrency Market Shakeup, Sending $400 Million in Liquidations

The cryptocurrency market experienced a sharp downturn after the People’s Bank of China (PBOC) issued a warning against illicit crypto activities. This strict stance on illegal trading and fraud sent shockwaves through digital asset prices, highlighting the delicate balance between innovation and regulatory oversight. CNBC reports indicate that this crackdown triggered an immediate risk-off mentality among traders, leading to significant liquidations estimated at $400 million across exchanges.