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Cryptocurrencies nosedived on Friday after Chinas central bank declared that all crypto-related transactions are illegal and must be banned.

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Bitcoin dives after China declares all crypto transactions illegal

The announcement caused cryptocurrencies to tumble.

Bitcoin dipped by 6%, while Ether plummeted by 10%.

The ban is another major step in Chinas war on crypto.

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Story byThomas Macaulay

Thomas is the managing editor of TNW.

He leads our coverage of European tech and oversees our talented team of writers.

Away from work, he e(show all)Thomas is the managing editor of TNW.

He leads our coverage of European tech and oversees our talented team of writers.

Away from work, he enjoys playing chess (badly) and the guitar (even worse).

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