Bitcoin price slumps further as China tightens crackdown
Bitcoin has tumbled further in the wake of China’s expanding crackdown on bitcoin mining, as investors grow more uncertain about the future of the leading cryptocurrency.
Bitcoin fell as low as $31,333 on Monday, a two-week trough, dragging down other cryptocurrencies. The world’s biggest cryptocurrency has lost more than 20% in the past six days alone and was at half its April peak of almost $65,000. In the year to date, it remains up about 11%.
China has been tightening its crackdown on cryptocurrencies. On Friday, authorities in the south-west province of Sichuan ordered bitcoin mining projects to close.
Last month the State Council, China’s cabinet, vowed to clamp down on mining and trading as part of a campaign to control financial risks.
On Monday, China’s central bank said it recently summoned some banks and payment firms, including China Construction Bank and Alipay, urging them to crack down harder on cryptocurrency trading.
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