China's crackdown on crypto sees market crash, 2021 gains wiped

The entire cryptocurrency market took a gigantic dive in the last 12-24 hours, with hundreds of billions wiped from Bitcoin, Ethereum, Dogecoin, XRP, and everything in between.

2

Why? Well, China did just completely ban financial institutions and payment companies from providing any and all services to cryptocurrency-related transactions, going as far as warning investors against speculative cryptocurrency trading. Banks and online payment companies cannot offer people crypto-related services, including registration, trading, clearing and settlement, and more. Goooo China!

National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China -- 3 industry bodies said in a joint statement on Tuesday: "Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people's property and disrupting the normal economic and financial order".

• Read more: Elon Musk tweets 'Tesla has diamond hands' as crypto market implodes

Bitcoin tumbled from $40,000 or so to under $30,000 in a snap of China's fingers, with SpaceX and Tesla owner and massive cryptocurrency and Dogecoin enthusiast Elon Musk said that Bitcoin holder Tesla has "diamond hands" during this crypto blood bath.

You might think China is only just starting this anti-crypto stance, but Beijing has been against cryptocurrency and digital currencies since day one. Considering somewhere in the vicinity of 75% of Bitcoin mining is done in China, the country truly flexes weirdly into being anti-crypto.