Yesterday on Sept 25 China, one of the largest cryptocurrency markets declares all crypto-currencies illegal.
The People's Bank of China quoted that "Virtual currency-related business activities are illegal financial activities and seriously endangers the safety of people's assets".
China due to the low electricity cost and cheap hardware has been the largest crypto mining center for decades but now making crypto illegal in china has affected the prices of the many cryptocurrencies. Bitcoin has already lost $2000 of its value giving a major blow to the currency.
China had made it clear to its people that those who are involved in "illegal financial activities" are committing a crime and will be prosecuted. This would bring a serious blow to the crypto market on a global level. Already Due to Evergrande, the global stock market is at risk of crisis though not like the 2008 crisis but a significant one. And now due to this crackdown on crypto has given a major setback to the crypto market too.