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Crypto markets in free fall as bear market reacts to hacking fall out amid US regulation

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Central Bank of China says they do not recognise Bitcoin as a form of payment

CRYPTO markets are down for a fourth day amid fears the MtGox bankruptcy and tighter regulation is weighing on investor’s minds.

Bitcoin, Ripple and Ethereum were all down double digits before rebounding today amid a global sell off which is threatening to continue as investors also react to central Bank of China governor Zhou Xiaochuan’s comments on Friday.

The Chinese banking scion said that the country does not “recognise” bitcoin or any digital currency as a form of payment adding to the bear market conditions.

He said: “We do not currently recognize Bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments.

“The banking system does not accept it.”

The news came in the same week the US stipulated that cryptocurrencies purchased by monetary instruments should be classed as securities.

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