Thursday, May 30, 2024

Bitcoin price drops amid China’s crypto crackdown

Bitcoin has fallen below $30,000 for the first time in more than five months, hit by China’s crackdown on the world’s most popular cryptocurrency. The digital currency slipped to about $28,890 today, down from a high of $64,870 in April. China has told banks and payment platforms to stop supporting digital currency transactions, the BBC reports. It follows an order on Friday to stop Bitcoin mining in Sichuan province. On Monday, China’s central bank said it had recently summoned several major banks and payments companies to call on them to take tougher action over the trading of cryptocurrencies. Authorities ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media sites and confirmed by a former Bitcoin miner. China accounted for around 65% of global Bitcoin production last year, with Sichuan rating as its second largest producer, according to research by the University of Cambridge. Last month, China’s State Council said it would crack down on cryptocurrency mining and trading as part of a campaign to control financial risks.

 

https://www.bbc.com/news/business-57549543

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