Bitcoin extends slide to below $30,000 as China shuts down crypto miners

Bitcoin extends slide to below $30,000 as China shuts down crypto miners 1

Bitcoin, the world’s largest cryptocurrency, continued its slide on Tuesday, falling to below $30,000 for the first time since January, as Chinese authorities, worried about the environmental impact of cryptocurrency, closed down mining operations in Sichuan.

Bitcoin was down more than 11 per cent on Tuesday to below USD 32000 Ethereum, the second-largest cryptocurrency, was down 13.8 per cent to $1,725.

China’s central bank has encouraged payment service provider Alipay and other large institutions to crack down on cryptocurrency trading, he added, citing reports of Bitcoin miners in Sichuan being shut down after regulators in China stopped crypto mining.

In May, public objection of the digital currency’s energy needs by Tesla’s billionaire chief executive and founder Elon Musk and a Chinese regulatory crackdown caused the Bitcoin’s price to plummet more than 53 per cent to $30,000 after reaching an all-time high of $64,899 in April