Bitcoin sinks below $30,000 for first time since late January

The world's largest cryptocurrency fell as much as 6.4% to $29,614, its lowest since Jan. 27

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(Photo: Bloomberg)

Reuters

3 min read Last Updated : Jun 22 2021 | 6:14 PM IST

Bitcoin fell below $30,000 for the first time in nearly five months as China's latest crackdown on cryptocurrencies weighed.

The world's largest cryptocurrency fell as much as 6.4% to $29,614, its lowest since Jan. 27. As of 1232 GMT it was down 4.2%.

The sell-off was sparked by the People's Bank of China (PBOC) urging China's largest banks and payment firms to crack down harder on cryptocurrency trading.

Crypto exchanges were effectively pushed out of China by a 2017 rule change, but over-the-counter (OTC) platforms based overseas have sprung up to receive payment from people based in China and buying cryptocurrencies on their

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Topics : Bitcoin cryptocurrency

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