6/12, 9:17 AM (Source: TeleTrader)
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Bitcoin drops over 5% on China restrictions

Bitcoin price fell over 5% on Saturday after China's Yunnan Province announced it will "severely investigate and punish the illegal activities of Bitcoin mining companies relying on power generation companies" and "unauthorized access to electricity." Companies found to be in violation of the provincial regulations will be "shut down for rectification."

Yunnan thus joined Qinghai, Xinjiang and Inner Mongolia provinces in restricting cryptocurrency activity, after Chinese state authorities vowed to "crack down" on Bitcoin mining and trading last month.

Bitcoin declined 5.14% to land at $35,401 at 3:16 am ET after hitting a daily low of $35,013. Ethereum lost 1.73% to stand at $2,313.8 at 3:22 am ET.

Breaking the News / MS