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Bitcoin Tumbles as China Escalates Crypto Mining Crackdown

Published 06/22/2021, 04:30 AM
Updated 06/22/2021, 05:00 AM
© Reuters.  Bitcoin Tumbles as China Escalates Crypto Mining Crackdown

  • Bitcoin price dropped due to China expanding its crackdown on crypto mining.
  • Other cryptos like Ether, XRP, Cardano and Dogecoin also traded low on Monday.
  • More than 90% of China’s bitcoin mining capacity is currently shut down

The price of Bitcoin dropped Monday on recent reports that China has expanded its crackdown on the mining of cryptos. Following this, Bitcoin traded as much as 9% lower Monday morning before recovering slightly.

BTC was last trading at about $32,300 per coin as of 7 AM ET, according to CoinGecko. Other cryptos, including Ether, XRP, Cardano, and Dogecoin, also traded lower this Monday.

Meanwhile, the declines came after bitcoin mines in the Sichuan Province were closed Sunday. In addition, more than 90% of China’s Bitcoin mining capacity is currently shut down.

Mining i...

This article was first published on coinquora.com

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