Bitcoin Fell 10% Amid Tightening Measures In China

Bitcoin fell by almost 10%, market participants cite concerns about China's expanding crackdown of bitcoin mining amid a lack of liquidity to compensate for losses.

The world's largest cryptocurrency, long suffering from volatility, has lost more than 20% in just the past six days and has halved since its April peak of nearly $65,000. At the time of this writing, the price of bitcoin was $32,999.

The drop comes amid a growing crackdown of cryptocurrencies in China, where authorities in the southwestern province of Sichuan on Friday ordered the closure of bitcoin mining projects. The State Council, China's cabinet, pledged last month to restrict mining and trading as part of a series of financial risk controls measures.

Image: BBC