Bitcoin in a freefall as China doubles down on crypto crackdown

June 22, 2021 11:52 AM AEST | By Furquan Moharkan
Follow us on Google News:

Bitcoin, Ethereum and Ripple coins - largest cryptocurrencies by market capitalisation. 

The price of the world’s largest cryptocurrencyBitcoin – has now crashed more than 10% in the last 24 hours as China further tightened the noose on crypto mining.

At the time of filing this copy, Bitcoin was trading at US$31,584.56, down 11.22% in last 24 hours. The Bitcoin is now trading at a price less than half of its peak value touched in April 2021.

With this, the market valuation of Bitcoin crashed US$590.06 billion – way lower than US$1 trillion it touched a few months back before coming under the bears’ clutch.

Today’s crash has pushed the Bitcoin annual returns to a single-digit mark, as the year-to-date returns of Bitcoin now stand at 9.88%.


The Economic Corner || What is the limit of spectators at the Olympic Games?


Other cryptocurrencies were also in deep red, as the Chinese obsession with banning crypto mining continued.

Bitcoin tumbled almost 11% on Monday while other digital coins like Ether dropped as much as 16.24%, falling below $2,000 for the first time in about a month. Tesla boss Elon Musk’s favourite cryptocurrency Dogecoin also witnessed a meltdown – crashing 37.48% to trade around $0.17.

Chinese mines power nearly four-fifths of the global cryptocurrency trade even as domestic trading has been prohibited since 2017. However, in recent months many provinces have asked the mines to close as Beijing is keeping a hawk’s eye on the industry.

Authorities in the Sichuan province are said to have ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK