Bitcoin Takes a Plunge: China’s Crackdown Fuels Market Uncertainty

Bitcoin has experienced a significant price drop to $85,694 today, attributed to China’s escalating crackdown on cryptocurrency activities. The People’s Bank of China (PBOC) reiterated its stance that digital currencies are not legal tender and further tightened regulations on stablecoins. This latest move follows years of restrictions on crypto exchanges and mining operations by the Chinese government. The PBOC’s actions have created uncertainty within the market, as investors brace for potential volatility after a series of regulatory interventions.