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Five things that happened in crypto this week: China crackdown, Coinbase and bitcoin on Twitter

Chinese central bank rules crypto is illegal, US inches closer to passing crypto regulation and Invesco files for bitcoin ETF

The Chinese central bank said it wants to stop early 'trading hype' around cryptocurrencies from development
The Chinese central bank said it wants to stop early 'trading hype' around cryptocurrencies from development Photo: AFP/Getty Images

Regulation was the name of the game in cryptocurrencies this week, as two world powers took steps to lay down the law for digital assets.

China strengthened its position on making cryptocurrencies illegal in the country, as the central bank issued a notice laying out a series of new rules across various parts of internet, financial and planning laws. The crackdown led to cryptoasset prices tumbling on 24 September.

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