After China announced a call to bank governors to reiterate its ban on the provision of cryptocurrency services, Bitcoin fell to a two-week low.

As China’s crackdown on cryptocurrencies intensified, Bitcoin fell to a two-week low.

As of 8:50 am New York time, the largest virtual currency fell 10% to $32,350. Ether fell 13% to US$1,950.

China announced on Monday that it would convene officials from its largest bank to participate in a meeting, reiterating its ban on providing cryptocurrency services. This is the latest sign that China plans to make every effort to close any loopholes in cryptocurrency transactions.

According to a statement from the central bank on Monday, representatives of Industrial and Commercial Bank of China, Agricultural Bank of China, and payment service provider Alipay were reminded of regulations prohibiting Bank of China from engaging in crypto-related transactions.

“The People’s Bank of China’s crackdown exceeded initial expectations,” said Jonathan Cheesman, head of over-the-counter and institutional sales at the crypto derivatives exchange FTX. “Mining is the first stage, speculation is the second stage.”

In addition, a Chinese city with abundant hydropower has stepped up operations to control mining. A person familiar with the matter said that Ya’an government officials told at least one bitcoin miner that the city has pledged to eradicate all bitcoin and ether mining operations within one year.

In this context, after the Fed adopted a tough policy last week, interest in risky assets has weakened. Although the stock market rose on Monday, analysts pointed out that concerns about the frothy corners of the market are lingering.

Jeffrey Halley, senior market analyst at Oanda Asia Pacific Pte. Ltd., said: “If, as I expected, all global purchases continue to subside this week, Bitcoin will feel those cold winds.”

——With the help of Liu Li.