This is significant. Other countries might do likewise?
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China clampdown crashes crypto
China's central bank refreshed its ban on cryptocurrency trading, with new measures designed to close loopholes that have become increasingly popular with the Chinese public.
In a coordinated move, China’s leading finance associations issued new directives to their members not to offer crypto services including access to exchanges, clearing and settlement. They also urged enhanced monitoring of money flows suspected to be linked to crypto trading.
The announcements sent cryptocurrencies crashing, with Bitcoin falling below $40,000 before rebounding to $40,333 by 6:15 AM ET (1015 GMT). That’s a drop of 10% on the day that leaves the biggest digital asset down over 35% from its peak. Dogecoin and Ethereum weren’t exempt from the rout, both losing over 14%.
https://www.investing.com/news/economy/china-crypto-crash-retail-earnings-global-inflation–whats-moving-markets-2510609