Home ›› 21 Jun 2021 ›› World Biz

Cryptocurrencies tumble amid China crackdown on bitcoin miners

Reuters
21 Jun 2021 13:26:33 | Update: 21 Jun 2021 15:47:33
Cryptocurrencies tumble amid China crackdown on bitcoin miners
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 Photo

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 per cent at around $32,781.

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

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

×