Bitcoin tumbles after China says to crack down on mining, trading activities 

The world’s largest and most popular cryptocurrency last traded down more than six percent at $38,293 after holding the $40,000 level for most of the Asian and London sessions.

May 21, 2021 / 09:57 PM IST

Bitcoin dropped on May 21 after China’s Vice Premier Liu He said his government will crackdown on the virtual currency’s mining and trading activities.

The world’s largest and most popular cryptocurrency last traded down more than six percent at $38,293 after holding the $40,000 level for most of the Asian and London sessions.

China’s Financial Stability and Development Committee, which is chaired by Liu, said on May 21 that it will resolutely prevent and control financial risks, and singled out bitcoin as the asset it needs to regulate more.

Here's why China intensified crackdown on cryptocurrencies despite being world's largest mining hub

His remarks came days after China banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading, according to three industry bodies.

Rival cryptocurrency Etherum also came under pressure, falling 8.4 percent to $2,533.
Reuters
first published: May 21, 2021 09:50 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark