Bitcoin Price Falls Further As China Cracks Down on Cryptocurrency Mining, Trading

Bitcoin extended losses on Friday afternoon, falling more than 11 percent after China doubled down on efforts to prevent speculative and financial risks by cracking down on mining and trading of the largest cryptocurrency. China’s Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out Bitcoin as the asset it needs to regulate more. The world’s largest and most popular cryptocurrency recently traded down 11.59 percent at $35,928 (roughly Rs. 26,19,500) after holding the $40,000 (roughly Rs. 29,16,400) level for most of the Asian and London sessions. Since hitting an all-time high just under $65,000 (roughly Rs. 47,39,200) in mid-April, Bitcoin has fallen about 45 percent. It’s down about 28 percent so far this week.

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