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Bitcoin Extends Losses After China’s Crackdown

M. Ali 22 May, 2021 1:14 am Cryptocurrency, Market Update

Bitcoin extended its losses on Friday, after China announced plans to crackdown on the digital currency.

The Chinese Vice Premier, Liu He, announced plans by the government to crack down on Bitcoin’s mining and trading activities, as the Chinese Financial Stability and Development Committee announced earlier today that measurements against the largest cryptocurrency in the world come with the aim of limiting financial risks.

Bitcoin is trading lower by a little over 13% for the day at $34,777.40, extending its losses over the past seven days to roughly 30%.

Ethereum is down by 20% at $2,197.82, while Dogecoin also plummeted by a similar loss to $0.3208.

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