Bitcoin don crash as China dey crack down on crypto currencies

Di price of Bitcoin dan fall below $34,000 (£24,030) for di first time in three months, afta China do fresh regulation on crypto-currencies.

Beijing for Tuesday ban financial institutions and payment companies to provide cryptocurrency-related transactions.

Dem also warn investors against speculative crypto trading.

Dis latest development dey follow as Bitcoin drop by over 10% last week afta carmaker Tesla tok say dem no go dey collect di currency.

On Monday, di crypto-currency drop by 13%, while oda digital coins like Etheruem and Dogecoin lose up to 18%.

Di price first fall below $40,000 on Wednesday, den drop extra $6,000 for later trading.

Beijing crack down

Crypto-currency trading don dey illegal for China since 2019 as dem bin wan stop money laundering. But pipo still fit trade for currencies like Bitcoin online, and na dis one dey worry Beijing.

On Tuesday, three state-backed organisations, including di National Internet Finance Association of China, di China Banking Association and di Payment and Clearing Association of China do warning for social media.

Dem say consumers no go get protection if dem make any losses from crypto-currency investment transactions.

Dem follow say di way di price of crypto-currency dey swing dey "seriously violate pipo asset safety" and dey scata di "normal economic and financial order".