Cryptocurrency tumbles amid China’s breakdown of bitcoin miners

China cryptocurrency

Small toy figures are seen on representations of the Bitcoin virtual currency displayed in front of a picture of the Chinese flag in this illustration, April 9, 2019. REUTERS FILE PHOTO

TOKYO – Cryptocurrency tumbled on Monday as China’s breakdown of bitcoin mining expanded to Sichuan province.

Bitcoin fell to as low as $ 32,288 for the first time since June 8 and was last down 7.9% at around $ 32,781.

Less rival ether fell below $ 2,000 for the first time since May 23, before trading 10% lower at 2019.01.

Cryptomining is big business in China and accounts for more than half of global bitcoin production.

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