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Bitcoin tumbles in wake of China mining crackdown
- Monday | 21st June, 2021
LONDON/TOKYO (Reuters) -Bitcoin tumbled as much as 9% on Monday as recent volatility in the cryptocurrency market showed no signs of dampening down, with market players citing thin liquidity and China’s expanding crackdown on bitcoin mining. Authorities in the southwest province of Sichuan on Friday ordered cryptocurrency mining projects to close. The State Council, China’s cabinet, last month vowed to clamp down on bitcoin mining and trading as part of a series of measures to control financial risks. Production of bitcoin in China accounts for more than half of global bitcoin production. Sichuan is China’s second-biggest bitcoin mining province, according to data compiled by the University of Cambridge.
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