Bitcoin slumps further as China tightens crypto crackdown
Photo by Andre Francois on Unsplash
Bitcoin tumbled on Monday to a two-week low on China’s expanding crackdown on bitcoin mining, as investors grew more uncertain about the future of the leading cryptocurrency.
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China’s Financial Stability and Development Committee singled out bitcoin as an asset it needs to regulate more.
In April, China’s Meitu said it had accumulated $100m worth of bitcoin and Ethereum.
Chinese bitcoin mining machine manufacturer Ebang conducted two fundraising rounds in February alone.
Major firms such as BNY Mellon, BlackRock and Mastercard Inc have backed cryptocurrencies.
