Bitcoin down up to 9% after dip in US Fed sentiment, China crackdown

Bitcoin slid Monday amid a fraying appetite for riskier investments and an intensifying cryptocurrency crackdown in China.

The largest virtual currency fell as much as 9% to $32,605 and was trading a little under $33,000 as of 7:40 a.m. in London. Ether, the second-biggest token, declined as much as 11%.

The selloff came amid a broader retreat in assets like stocks and commodities in the wake of last week’s hawkish policy pivot by the Federal Reserve. Bitcoin was already under pressure over the weekend after a Chinese city was said to have begun a sweeping clampdown on crypto mining firms, just the latest step by officials in the world’s second-largest economy to rein in the industry.