Bitcoin drops after PBOC said cryptocurrencies are not legal tender

Cryptocurrencies came under pressure on Friday after the People's Bank of China said digital currencies were not legal tender in the country and spoke of a deeper crackdown. "Virtual currency-related business activities are illegal financial activities," according to a tranalsation of the statement on the People's Bank of China (PBOC) website Friday. The government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people's properties and maintain economic, financial and social order," it said. Bitcoin dropped over 5% and Ether dropped 9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Bitcoin drops after PBOC said cryptocurrencies are not legal tender
Cryptocurrencies came under pressure on Friday after the People's Bank of China said digital currencies were not legal tender in the country and spoke of a deeper crackdown. "Virtual currency-related business activities are illegal financial activities," according to a tranalsation of the statement on the People's Bank of China (PBOC) website Friday. The government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people's properties and maintain economic, financial and social order," it said. Bitcoin dropped over 5% and Ether dropped 9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.