Bitcoin tumbles 11% after China steps up crackdown on crypto mining and financial operations
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Bitcoin dropped as much as 11% on Monday after Chinese authorities ramped up their crackdown on cryptocurrency mining over the weekend, with bodies in the Sichuan province ordering 26 of the biggest miners to halt operations.
China also said on Monday that it held a meeting with officials from major banks to reiterate a ban on providing crypto services.
The world's biggest cryptocurrency fell to 9% to $32,645.62 as of 9:30 a.m. in New York. Bitcoin was down around 49% from April's record high of close to $65,000, but was still roughly 12% higher for the year.
Other cryptocurrencies also dropped sharply, with ether down around 6% and binance coin roughly 4% lower, according to Coinmarketcap. A broader market sell-off also appeared to be weighing on crypto, as investors moved towards safer assets.
