Cryptocurrencies tumble amid China crackdown on bitcoin miners

Reuters

Posted at Jun 21 2021 05:50 PM

Cryptocurrencies tumble amid China crackdown on bitcoin miners 1
Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. Dado Ruvic, Reuters/Illustration/File Photo/File Photo


TOKYO - Cryptocurrencies tumbled on Monday as China's crackdown on bitcoin mining expanded to the province of Sichuan.

Bitcoin fell to as low as $32,288 for the first time since June 8, and was last down 7.9 percent at around $32,781.

Smaller rival ether dropped below $2,000 for the first time since May 23, before trading 10 percent lower at 2019.01.

Cryptomining is big business in China, accounting for more than half of global bitcoin production. 

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