Cryptocurrencies tumble amid China crackdown on bitcoin miners | Inquirer Business
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Cryptocurrencies tumble amid China crackdown on bitcoin miners

/ 05:29 PM June 21, 2021
china cryptomining

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. REUTERS 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% at around $32,781.

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

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

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TAGS: Bitcoin, China, cryptocurrency, Cryptomining
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