The cryptocurrencies can't catch a break as China makes it even harder to transact.
According to Bloomberg, China is targeting online platforms and mobile apps that offer exchange-like services according to people familiar with the matter. China had already banned cryptocurrency exchanges last year.
China is also going to focus on individuals and companies that provide market-making, settlement and clearing services for centralised trading. Bloomberg's sources said that small peer-to-peer transactions aren't being targeted.
The bad news just keeps on coming for cryptocurrencies. CoinMarketCap's decision to exclude Korean price averages caused the industry to dip and then news that South Korean officials would crackdown on cryptocurrencies sent further shockwaves through the markets.
Surprisingly, Bitcoin's price is up 1.15% over the last 24 hours. However, Ethereum is down 4.48%, Ripple is down 9.61% and Bitcoin Cash is down 4.68%.
I'm not sure what will turn things around for the cryptocurrencies at this stage. The more that governments ban exchanges in various countries the more likely these cryptocurrencies will only be used by people dealing in the black market, which is where the cryptocurrencies got their original 'bad' reputations to begin with.
Foolish takeaway
It's fascinating watching the up and downs of the cryptocurrency market, but I'm glad that I never invested in any of them. I'd much rather stick to conventional, exciting businesses like Altium Limited (ASX: ALU) or Class Ltd (ASX: CL1).
