China’s renewed crackdown on the cryptocurrency industry has wiped off around $400 billion in value from the total digital currency market since Friday, when a major bitcoin mining hub ordered miners to shut down operations.
Bitcoin was down more than 8% in the last 24 hours, trading at $29,791, at around 8:40 a.m. ET on Tuesday. It broke below $30,000 for the first time since Jan. 27, according to CoinDesk data. Other cryptocurrencies including ether and XRP were also sharply lower.
Over the past few days, China has stepped up its efforts to rein in the country’s cryptocurrency industry.
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