- China’s renewed crackdown on the cryptocurrency industry has wiped off around $400 billion in value off of the total digital currency market since Friday.
- Bitcoin, ether, XRP and other digital coins fell sharply.
- On Friday, authorities in China’s Sichuan province, ordered cryptocurrency miners to shut down their operations.
- The People’s Bank of China urged financial institutions not to provide services related to cryptocurrency activities.
China’s renewed crackdown on the cryptocurrency industry has wiped off around $400 billion in value from the total digital currency market since Friday, when a major bitcoin mining hub ordered miners to shut down operations.
Bitcoin was down more than 8% in the last 24 hours, at $29,791, at around 8:40 a.m. ET on Tuesday. It broke below $30,000 for the first time since Jan. 27, according to CoinDesk data. Other cryptocurrencies including ether and XRP were also sharply lower.
Over the past few days, China has stepped up its efforts to rein in the country’s cryptocurrency industry.