Crypto

Tencent's NFT trading software "Huanhe" (literally means phantom core) app has been launched, with a limited edition of 300 digital collectibles of NFT on sale.

Chinese cryptocurrency media outlet Bishijie.com has announced it is ceasing operations of its app and website as of July 15, according to local media outlet Jiemian.com.

BTCChina has announced a full exit from its cryptocurrency trading business as China continues to increase its crackdown on cryptocurrencies.

In China's unprecedented crackdown on cryptocurrencies, avenues for holders of these virtual assets to turn them into cash are being blocked.

Chinese beauty app Meitu once had a large gain after following the lead of Tesla in investing in cryptocurrencies, but the company has lost more than $2 million on its investment as the price of such assets has fallen sharply recently.

As of press time, data from the Huobi platform shows Bitcoin falling below $30,000, down 32% from 24 hours ago and a new low since January.

Commentary published in China's official securities media is often highly regarded as it may signal the direction of regulatory winds. Now, the latest commentary calls for tighter regulation of cryptocurrency trading.

Bitcoin fell below $50,000 for the first time since March 8, down more than 8% from 24 hours ago, Bitstamp data shows.

In the past week, bitcoin's price has fallen about 17% from $63,640.

Bitcoin surpassed $63,000 and Ether surpassed $2,200 on April 13, both setting new all-time highs, according to CoinMarketCap.