Bitcoin Drop Below $7,000 as China Vows to Get Rid of All Chinese Crypto Exchanges

Chinese Cryptocurrency exchanges operating illegally in the country now face a new threat. The central bank of China has announced it will be taking new steps to uphold it’s previously initiated trading ban.

On November 21st, the People’s Bank of China stated they would begin taking action against any entities who are allegedly involved in the trading of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH)

Exchanges will be “disposed of immediately”

This move by the central bank came in response to a substantial rise in recent trading activity following China’s public endorsement of blockchain technology.

Multiple rumors have currently surfaced about a crackdown on legitimate cryptocurrency businesses’ connected to China. On Thursday, attention focused on false, alleged police raids on the Chinese offices of Binance as well as Bithumb, which both subsequently stated to be false.

Bitcoin tanked further on Friday follow this news which appeared to rattle markets, sliding bitcoin further to below the $7,000 threshold.