OREANDA-NEWS  The price of bitcoin fell by more than $3 thousand (6%) in an hour after the statement of the People's Bank of China on the introduction of a complete ban on all cryptocurrency transactions. At 13: 10 Moscow time, the first cryptocurrency is trading at the level of $42.5 thousand.

According to the regulator, all transactions using bitcoin and other digital assets, including stablecoins, are classified as illegal financial activity. The services provided by cryptocurrency exchanges to residents of China were also outlawed.

Against the background of the decline in the cost of bitcoin, altcoins also fell in price. The price of Ethereum fell by 7% in an hour, the cost of Cardano and Binance Coin fell by 6%. Of the hundred largest cryptocurrencies by capitalization, the Huobi cryptocurrency exchange token has fallen in price the most over the past hour (a decrease of 15%).