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#DecemberMarketOutlook
Cryptocurrencies Hit by China
The People's Bank of China (PBoC) has reiterated the risks associated with crypto assets, particularly stablecoins, and has signaled a tightening of regulatory frameworks in this area, further fueling selling pressure in the cryptocurrency market.
The PBoC reiterated that digital asset activities are illegal in the country and highlighted the potential risks posed by stablecoins in particular. Following a meeting attended by numerous institutions, the statement emphasized that virtual currencies are "not legal tender" and "cannot be used as money in the market."
The statement also stated that strict controls will be maintained to combat illegal activities.
With these developments, the total value of the cryptocurrency market fell to $2.93 trillion, while the price of Bitcoin, the largest cryptocurrency by market capitalization, fell by over 5% in the last 24 hours. Bitcoin, which stood at $92,000 before the decision, fell to $85,604 afterward.
Ethereum, the second-ranked cryptocurrency by market capitalization, followed a similar trend. Following the decision, Ethereum fell from $3,053 to $2,806