Stocks Wobbly as China’s Crackdown Engulfs Crypto: Markets Wrap

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(Bloomberg) -- Stocks struggled for direction after China intensified its sweeping regulatory crackdown on cryptocurrencies. Bitcoin, Ether and other digital tokens tumbled.Most Read from BloombergIn another blow to investor sentiment, the world’s second-largest economy said crypto-related transactions will now be considered illicit financial activity. The decision strikes at the heart of a market that’s boomed this year, while adding to worries about increasingly stringent regulations to various industries from technology to after-school tutoring and ride-hailing.The S&P 500 came off session lows, while the dollar climbed. The Nasdaq Golden Dragon China Index -- which tracks some of China’s biggest firms listed in the U.S. -- and crypto-related stocks such as Coinbase Global Inc. and Marathon Digital Holdings Inc. slumped.This week sent tremors through markets, with analysts citing concerns over the Federal Reserve’s pullback in stimulus, contagion risks from dist
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