China’s renewed crypto crackdown wipes nearly $300 billion off the market as bitcoin slides

China’s renewed crypto crackdown wipes nearly $300 billion off the market as bitcoin slides

China's renewed crackdown on the cryptocurrency industry has wiped off nearly $300 billion in value from the total digital currency market since Friday, when a major bitcoin mining hub ordered miners to shut down operations. was down around 6.6% at $32,735.71 at around 10:47 p.m. ET, coming off its 24-hour low of $31,179.05, according to CoinDesk data. Over the past few days, China has stepped up its efforts to rein in the country's cryptocurrency industry. Mining ban, PBOC warning On Friday, authorities in China's Sichuan province, ordered cryptocurrency miners to shut down their operations, according to multiple media . Sichuan is one of the biggest bitcoin mining centers in China. Many bitcoin mines in the southwestern Chinese province were closed as of Sunday, according to state-backed tabloid the Global Times. The move in Sichuan comes after other mining-intensive provinces in China, . In May, , highlighting how the order has trickled down from the top. Then on Monday, the , the payments service run by affiliate Ant Group, and some major financial institutions. The central bank said it urged them not to provide services related to cryptocurrency activities, including account openings or clearing and settlement. These are not new rules,