Bitcoin nosedives as China intensifies crackdown on cryptocurrencies

The price of bitcoin has nosedived after fresh reports emerged that China has expanded its crackdown on the mining of cryptocurrencies.

On Monday morning, Bitcoin traded as much as 9 per cent lower before recovering slightly, New York Post reported. Later on Tuesday, the crypto dipped over 3 per cent to around USD 32,000, according to the CoinMarketCap index.

The crypto has suffered a dip of 18.62 per cent over the past week. Moreover, other cryptos, including ether, cardano, XRP and dogecoin, were all also trading lower.

This development comes after Global Times reported Chinese regulators have also been stepping up a crackdown on cryptocurrency mining operations in the country. Major mining hubs such as Southwest China’s Sichuan Province are being shut down.