Despite the market turbulence, Tesla boss Elon Musk indicated the company would not sell any of its Bitcoin holdings, tweeting on Wednesday morning: 'Tesla has [diamond hands]'. China's announcement on Tuesday reiterated a prior ban on financial institutions and payment companies from handling cryptocurrency transactions. Cryptocurrency prices already declined last week, sparked by Musk's reversal on Tesla accepting Bitcoin as payment. Three state-backed industry associations - the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China - said 'cryptocurrency prices have skyrocketed and plummeted, and cryptocurrency trading speculation activities have rebounded'. It reiterated that providing cryptocurrency services to customers and crypto-based financial products was illegal for Chinese financial institutions and payment providers.

Source: Daily Mail May 19, 2021 07:54 UTC