6/12, 12:19 PM (Source: TeleTrader)
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Bitcoin falls below $35,000 on investor concerns

The price of Bitcoin dropped below $35,000 on Saturday as continued pressure by the Chinese authorities on cryptocurrency mining in the country seemingly affected investor sentiment.

In addition, Jesse Powell, the CEO of cryptocurrency exchange Kraken, revealed that he is reconsidering the plan for the trading platform to go public, citing the disappointing performance of Coinbase's direct public offering. Powell told Fortune magazine that an initial public offering "is looking a little more attractive" now.

Bitcoin decreased 6.41% to $34,943 at 6:29 am ET, after trading for as low as $34,630 at 6:17 am ET.

Breaking the News / MS