Here's Why Elon Musk Thinks China Is Cracking Down on Crypto

The Chinese government has been historically unfriendly to cryptocurrencies, and it recently made its harshest anti-crypto move yet to crack down on virtual coins. China had banned cryptocurrency trading services within the country in May, but international exchanges continued to operate, prompting authorities to tighten restrictions further. In late September, 11 Chinese government entities announced the new crackdown, including the Chinese Central Bank and the National Development and Reform Commission.