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Ethereum drops more than Bitcoin as China escalates crypto ban, ETH/BTC at 3-week low By Cointelegraph

by Mike Robinson

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Ethereum drops more than Bitcoin as China escalates crypto ban, ETH/BTC at 3-week low

The price of ‘s native token Ether (ETH) crept lower Friday after China extended its crackdown on cryptocurrencies by deeming their transactions to be “illegal.”

“Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies,” the People’s Bank of China said in a statement on its website Friday, adding that online crypto services to Chinese residents offered by offshore exchanges are also “illegal financial activities.”

Daily price chart. Source: TradingView.com
daily price chart. Source: TradingView.com
The total value staked into the Ethereum PoS smart contract has jumped from 11,616 ETH to 7.76 million ETH in nine months. Source: CryptoQuant

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