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Bitcoin (BTC-USD) fell more than 11% on Tuesday morning after China stepped up its crackdown on cryptocurrency mining.
The cryptocurrency, which in April had topped $ 60,000, plunged to below $ 30,000 and saw all of the 2021 gains vanish.
The dramatic drop comes as China has taken steps to further restrict Bitcoin mining in its territory.
A decentralized computing source, as well as distributed governance, is almost antithetical, it is antithetical to what the Chinese Communist Party believes, Ava Labs president John Wu said in a segment with Yahoo Finance Live.
Bitcoin: Yahoo Finance
This is breaking news. Stay tuned for more developments.
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