Jun 23, 2021 - Economy & Business
Charted: Bitcoin's 2021 gains have been wiped out
If this year's No. 1 NFL draft pick Trevor Lawrence had a do-over, maybe he wouldn't have placed his April signing bonus into a cryptocurrency account.
Driving the news: Nearly all of bitcoin's price gains this year have been wiped out, and the cryptocurrency has fallen about 50% from its peak in April. Ethereum is also down more than 50% from its April high.
Why it matters: The Chinese government's intervention in the market is impacting investor assets around the world.
What happened: China's central bank this week cracked down on crypto trading and mining within the country.
- "Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people's wealth," the central bank said in a statement Monday, per Reuters.
- Local Chinese authorities have shut down bitcoin mining operations at hubs throughout the country, Reuters writes.