5/19, 1:02 PM (Source: TeleTrader)
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Ether sinks over 16% as China restricts crypto business

The world's second most popular cryptocurrency Ether significantly extended losses on Wednesday following the news that Chinese authorities implemented new restrictions related to the crypto market.

Yesterday, the Chinese authorities banned the country's financial sector from providing services in relation to cryptocurrencies and working with companies of that affiliation, prompting the market plunge.

Ether tumbled 16.36% to go for $2,828.36 at 7:05 am ET, while Bitcoin followed by trading 8.15% lower at $39,379.90 a minute later.

Breaking the News / ND