• By The Financial District

BITCOIN VALUE SINKS AS CHINA CHOKES CRYPTOCURRENCY MARKET

Bitcoin tumbled late early this week 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.

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Bitcoin fell as low as $31,333, a two-week trough, dragging down other cryptocurrencies. It was last down 10.7%, its largest daily percentage loss in a month, Kevin Buckland, Gertrude Chavez-Dreyfuss, and Tom Wilson reported for Reuters.


The world's biggest cryptocurrency has lost more than 20% 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%. Some bitcoin investors were concerned further losses could be in store due to a chart formation known as a death cross which occurs when a short-term average trendline crosses below a long-term average trendline.


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China has been tightening its crackdown on cryptocurrencies. On Friday, authorities in the southwest province of Sichuan ordered bitcoin mining projects to close. Last month the State Council, China's cabinet, vowed to clamp down on mining and trading as part of a campaign to control financial risks.


On Monday, China’s central bank said it recently summoned some banks and payment firms, including China Construction Bank and Alipay, urging them to crack down harder on cryptocurrency trading.


"People still react strongly to actions from China that create uncertainty so this is likely to reflect negatively on the bitcoin price," said Ruud Feltkamp, chief executive officer at crypto trading bot Cryptohopper.



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