Bitcoin tumbles as China cracks down on cryptocurrency mining

Bitcoin tumbles as China cracks down on cryptocurrency mining

Bitcoin sank 11pc to a two-week low on Monday in the wake of an intensifying crackdown on cryptocurrencies by Chinese authorities.

The world's most popular cryptocurrency fell as low as $31,886 before recovering slightly to about $32,200. The sell-off reverberated across the crypto spectrum, dragging down other coins, with Ethereum down 13pc to $1,950 while meme-inspired Dogecoin also fell 12pc to $0.22.

The People's Bank of China (PBOC) said it had summoned representatives from payment platform Alipay, as well as the country's top banks, to remind them of rules banning cryptocurrency services.