Beijing outlaws crypto

BITCOIN and other cryptocurrencies sank after China banned their use, saying that all transactions using the digital currencies were now illegal.

Bitcoin fell 5pc to $42,022, and ethereum and dogecoin were also hit.

It is not China’s first clampdown. In June, it outlawed bitcoin ‘mining’, an electricity-intensive process using computers to unlock new coins.

Shares in London bitcoin miner Argo Blockchain fell 7.8pc, or 11p, to 131p. Bitcoin hit an all-time high of almost $65,000 in April. Analysts have said it could top $100,000 this year.