The People's Bank of China (PBOC) issues a notice prohibiting Chinese financial institutions from handling Bitcoin transactions, declaring that BTC is "not a currency" and cannot be used as legal tender. The announcement sent Bitcoin's price crashing nearly 50% from its recent high of $1,150. This was the first of many Chinese crackdowns on Bitcoin, establishing a pattern that would repeat throughout the decade. Despite the ban, Chinese traders and miners continued to dominate the Bitcoin ecosystem for years.
BBC: China Bans Financial Institutions from Bitcoin