China's renewed crackdown on the cryptocurrency industry has wiped off nearly $300 billion in value from the total digital currency market since

China's renewed crypto crackdown wipes nearly $300 billion off the market as bitcoin slides

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2021-06-22 11:00:07

China's renewed crackdown on the cryptocurrency industry has wiped off nearly $300 billion in value from the total digital currency market since Friday, when a major bitcoin mining hub ordered miners to shut down operations.

Bitcoin was down around 2% at $32,330.21 at around 4:12 a.m. ET on Tuesday, according to CoinDesk data. Other cryptocurrencies including ether and XRP were also sharply lower late on Monday.

On Friday, authorities in China's Sichuan province, ordered cryptocurrency miners to shut down their operations, according to multiple media reports. Sichuan is one of the biggest bitcoin mining centers in China.

Many bitcoin mines in the southwestern Chinese province were closed as of Sunday, according to state-backed tabloid the Global Times.

The move in Sichuan comes after other mining-intensive provinces in China, including Inner Mongolia, also shut down crypto mining. In May, Beijing called for a crackdown on bitcoin mining, highlighting how the order has trickled down from the top.

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