The cryptocurrency market got hit with a fresh wave of volatility on Friday after China roiled the market for a second time this week. 

In remarks, Vice Premier Liu He, promised to "prevent and control financial risks" to the country's monetary system.

We will "focus on reducing credit risks, strengthen the supervision of platform enterprises' financial activities, crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field," he said according to remarks reviewed by FOX Business. 

INVESTMENT GURU MINERD COMPARES CRYPTO TO TULIPMANIA

Bitcoin turned lower on the developments falling below the $37,000 level in what has been a wild week for the sector. Bitcoin was trading above the $50,000 level earlier this week. 

Source:CoinDesk ( )

close FOX Business' Edward Lawrence reports on Federal Reserve Chairman Jerome Powell's statements indicating the Fed is taking the first step to potentially issue a U.S. digital currency.  video Federal Reserve weighs in on future of digital currency

FOX Business’ Edward Lawrence reports on Federal Reserve Chairman Jerome Powell’s statements indicating the Fed is taking the first step to potentially issue a U.S. digital currency.

The comments also come one day after Federal Reserve Chairman Jerome Powell laid some early guidelines for a U.S. digital currency and separately, on the same day, the Internal Revenue Service signaled crypto assets over $10,000 will likely soon be taxed.

FED'S POWELL SAYS US DIGITAL CURRENCY WOULD NOT REPLACE DOLLAR

Earlier this week, China's Banking Association delivered a similar warning on digital currencies being subject to great volatility.

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The statement said all members should "resolutely refrain from conducting or participating in any business activities related to virtual currencies."

FOX Business' R.N. White and Ken Martin contributed to this report. 

Source Link:
https://www.foxbusiness.com/markets/china-roils-bitcoin-cryptos-again

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