Later this week, Chinese regulators announced plans to tighten regulations.

A statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China read: “Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”

The ban would mean banks, financial institutions and payment companies would be banned from offering clients any service involving cryptocurrency.