Bitcoin slumps further as China tightens crypto crackdown

TOKYO, June 21 (Reuters) – Bitcoin tumbled on Monday to a two-week low on China’s expanding crackdown on bitcoin mining, as investors grew more uncertain about the future of the leading cryptocurrency.

Bitcoin fell as low as $31,333, a two-week trough, dragging down other cryptocurrencies. It was last down 10.7%, its largest daily percentage loss in a month.

The world’s biggest cryptocurrency has lost more than 20% in the last six days alone and was at half its April peak of almost $65,000. Year to date, it remained up about 11%.

Some bitcoin investors were concerned further losses could be in store due to a chart formation known as a death cross which occurs when a short-term average trendline crosses below a long-term average trendline.

China has been tightening its crackdown on cryptocurrencies. On Friday, authorities in the southwest province of Sichuan ordered bitcoin mining projects to close.

Source: Reuters

When you purchase a book below it supports the Number #1 Black Christian Newspaper BLACK CHRISTIAN NEWS NETWORK ONE (BCNN1.com) and it also allows us to spread the Gospel around the world.