China’s Stablecoin Skepticism Rattles Bitcoin Market

It was not only Chinese tech stocks that got hit by Chinese government regulatory steps this week. China also showed it remains a thorn in the side of the crypto market.

Bitcoin prices fell 4.1% in the past 24 hours to under $33,000 after a deputy governor of the People’s Bank of China told reporters the central bank is “quite worried” about the impact of stablecoins—which have their value tied to an outside asset—on the international monetary system.