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6/21/2021, 9:40 AM (Source: TeleTrader)
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Bitcoin drops below $33K amid China's crypto crackdown

Cryptocurrencies extended losses on Monday amid China's intensifying crackdown on Bitcoin mining in the country. Bitcoin fell below the $33,000 mark while ether plunged over 10% to trade below $2,000.

According to estimates, Beijing's crackdown on Bitcoin mining could lead to a shutdown of over 90% of the country's mining capacity. China accounts for more than half of global Bitcoin production.

Bitcoin dropped 7.85% to $32,833 at 3:45 am ET. At the same time, Ether sank over 11% to trade below the $2,000 psychological level.

Baha Breaking News (BBN) / JC