The People's Bank of China (PBoC) has announced that all cryptocurrency-related financial activities are illegal, including transactions, providing pricing services, and launching new tokens. According to a notice published on the central bank's website, it will be illegal for Chinese residents to purchase cryptocurrencies from overseas and even be involved in marketing or technical support relating to crypto businesses.
Bitcoin surged above $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off. The cryptocurrency was trading at around $38,567 at 7:10 a.m. ET Monday, according to CoinDesk data, up nearly 12% in the last 24 hours. Bitcoin had earlier surged as much as 12% hit a 24-hour high of $39,544, the highest level since June 16.