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Bitcoin tumbles as China cracks down on mining
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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 per cent, its largest daily percentage loss in a month.
The world’s biggest cryptocurrency has lost more than 20 per cent 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 per cent. Read more: Why the COVID-19 pandemic highlights Canada’s need for a digital currency Some bitcoin investors were concerned further losses could be in store due to a chart formation known as a death cross which
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