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Bitcoin Swings as China Regulators Punish Company Over Crypto

  • Alleged provider of software to crypto trading is targeted
  • Digital currency erases gains on wider industry scrutiny
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China Crypto Crackdown Good for Bitcoin Long-Term: BitGo CEO
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Bitcoin fluctuated Tuesday after China’s central bank and a regulator in the capital city took action against a company that was allegedly providing cryptocurrency-related services.

The largest cryptocurrency had risen as much as 3.7% to $35,094 before dropping back after the People’s Bank of China and Beijing’s local financial regulator ordered a company in the city to cancel its business registration. As of 7:55 a.m. in New York it was trading 1% higher at $34,194.