Bitcoin falls 7% after China reportedly bans banks from cryptocurrency business

• Bitcoin's recovery from Monday's sell-off lost steam on Tuesday after Reuters reported that China banned financial companies from the cryptocurrency business.
• A statement from China regulators said virtual currencies "are not supported by real value," the report said.
• China has not restricted individuals from holding cryptocurrencies, but did warn about their speculative nature.
• $4.

$4 fell as much as 7% from its intraday high on Tuesday after $4 said China is banning financial institutions and payment companies from the cryptocurrency business.

Three Chinese industry bodies released a statement warning investors about the speculative and volatile nature of cryptocurrencies, adding that they "are not supported by real value," according to the report.

"Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people's property and disrupting the normal economic and financial order," the statement read.

Those three industry bodies were the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China.

The statement also said cryptocurrency prices can be easily manipulated, according to the report. China has banned initial coin offerings $4 but does not restrict individuals from holding them.

US companies are pouncing on the opportunity in cryptocurrencies, with $4 CashApp and $4 Venmo $4 Banks have $4 and $4

Bitcoin's volatility has been on full display in recent days, as $4 CEO Elon Musk $4 in the cryptocurrency after the EV company $4 Several tweets from Musk also $4 as he questioned its high energy consumption needs.

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