Cryptocurrency prices have fluctuated wildly in recent weeks as China intensifies a crackdown on trading and mining operations.

On Monday bitcoin slumped more than 10 percent after Beijing pulled the plug on the massive mines of Sichuan province.

Why the crypto crackdown?

Beijing craves control, with the financial system now increasingly in its sights.

Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.

Chinese authorities outlawed trading this month to “prevent and control financial risks”.

Analysts say China fears the proliferation of illicit investments and fundraising — it also has strict rules around the outflow of capital.

Many cryptocurrency exchanges store private keys on your behalf. This certainly eases the experience by relieving you of the burden of handling private keys yourself. It also enables those exchanges to provide you with instant payments.