Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) posted their largest one-day fall since March 2020 on May 19, with losses in the market capitalization for the entire cryptocurrency sector nearing $1 trillion.
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Bitcoin dropped to $30,066 and Ethereum fell to as low as $1,850. The reason? China outlawed financial and payment institutions from providing cryptocurrency services.
Cryptocurrency trading is illegal in China since 2019, part of President Xi…
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