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The price of bitcoin bounced back to around US$40,000 on May 20, 2021, one day after China announced new regulatory restrictions that sparked a massive meltdown in cryptocurrencies. The latest volatility in the digital coins was triggered by a joint warning issued by three Chinese state-backed financial associations about the risks posed by cryptocurrencies. The country’s central bank, the People’s Bank of China, republished the warning, underscoring the importance it is placing on cooling cryptocurrency speculation. The digital coins have already seen recent price fluctuations fueled by comments from Tesla CEO Elon Musk.
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