Bitcoin is nearly half in value since reaching a record high of almost US$65,000 in April.
The cryptocurrency is now hovering above US$35,000 after it slumped to the lowest in five months a few weeks ago. The pricing now has wiped out most of the gains made this year.
The main reason for this tumble is due to China’s crackdown on the crypto.
Mining operators in China forced to shut and move operations abroad / Image Credit: CNBC“The crackdown by authorities in China on the cryptocurrency industry has spooked the market, causing many traders to sell Bitcoin,” said Bobby Ong, co-founder of crypto tracker site CoinGecko.
Mining operators in China were forced to shut and move their mining operations abroad. With China being the biggest Bitcoin miner by hash rate — a measure of the speed of crypto mining hardware — this has caused Bitcoin to lose a large amount of hashing power too, making the mining process slower.
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