Cryptocurrencies

Bitcoin Drops as Hashrate Declines With China Mining Crackdown

WATCH” A Chinese city with abundant hydropower is said to have begun a sweeping clampdown on crypto mining firms. Tom Mackenzie reports.(Source: Bloomberg)

Have a confidential tip for our reporters? Get in Touch

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE

By Joanna Ossinger

June 20, 2021 at 10:57 AM EDT

This article is for subscribers only.

Bitcoin dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny.

The largest cryptocurrency fell 5.5% to $34,142 as of 10:50 a.m. Sunday in New York, dropping for a fourth time in the past five sessions. Ether, the second-biggest, declined 5.9% to $2,095.

Have a confidential tip for our reporters? Get in Touch

Before it’s here, it’s on the Bloomberg Terminal

LEARN MORE