Bitcoin dips to lowest since February

Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China reiterated that the digital tokens cannot be used as a form of payment.

The largest cryptocurrency fell as much as 5.1% to $42,547 in New York, continuing a week-long slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Bitcoin is now at its lowest level since early February. Ether lost more than 7% at one point, while last week’s sensation, Internet Computer, continued its plunge. Dogecoin also slid.

“This is the latest chapter of China tightening the noose around crypto,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender.