LONDON – Prices of the world’s biggest cryptocurrency, bitcoin, fell 9.5% on Tuesday to slump below the $30,000 level for the first time in five months due to China’s ongoing clampdown on it.
Bitcoin dipped as low as $29,334 during the trading and later it gained some points and reached $29,590.
The major blow the cryptocurrency market comes as China has expanded its crackdown on the bitcoin mining industry with a ban on mines in the key southwestern province Sichuan, AFP reported.
Despite a ban on domestic trading in China, the South Asian country’s cryptocurrency mines shares nearly 80% of the global trade.
Bitcoin and other cryptocurrencies including Dogecoin are minted by solving puzzles using powerful computers that use enormous amounts of electricity posing threat to the environment.
As Bitcoin faced a bearish day, #cryptocrash is trending on Twitter with social media users sharing hilarious memes.
— CryptoAccasBoom (@CryptoAccas) June 22, 2021
— fullvikas (@not_vikash) June 22, 2021
— edwin (@Spidey_Knight) June 22, 2021