Bitcoin plummets to a six-month low on China crackdown

Bitcoin slumped to a six-month low on Friday after China`s central bank launched a fresh crackdown on cryptocurrency, warning of the risks from issuing and trading digital coins.

Bitcoin, the world`s biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 6% at $7,134.

The People`s Bank of China`s Shanghai headquarters had said it would tackle a resurgence of illegal activities around virtual currencies, cautioning investors not to confuse crypto with blockchain technology.