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22 May, 2021 09:30

Bitcoin sees another daily crash of 10% as China vows to clamp down on mining & trading

Bitcoin sees another daily crash of 10% as China vows to clamp down on mining & trading

As Chinese financial regulators go all out after bitcoin miners and traders, the world’s number one cryptocurrency touched another low for the current month, with the price of the token slipping below $35,000.

Bitcoin was trading at $36,818 at 07:44 GMT, marking a day-on-day drop of nearly eight percent. The fall comes after a week of extreme volatility, with the price of the most-valued virtual currency making wild swings above and below the $40,000 mark.

The latest drop is attributed to an announcement by China’s Financial Stability and Development Committee, which is looking to double down on efforts to prevent speculative and financial risks related to cryptocurrencies. The newest restriction will hit mining and trading of the largest cryptocurrency.

Also on rt.com Cryptocurrency market has lost nearly $1 TRILLION in value since April peak

“It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal financial activities,” the statement read.

The restrictive measure came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services.

The latest steps introduced by the Chinese authorities mark a sharp escalation of the nation’s push to stamp out speculation and fraud in the cryptocurrency sphere.

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