Bitcoin falls under $30,000 for the first time in five months | Tech News

Bitcoin falls under $30,000 for the first time in five months

At about 1230 GMT, bitcoin sank as low as $29,334, a level last seen in January this year. 

By:AFP
| Updated on: Aug 21 2022, 18:18 IST
Analysts are citing Chinese efforts to curb trading and mining operations as the reason behind this fall. 
Analysts are citing Chinese efforts to curb trading and mining operations as the reason behind this fall.  (MINT_PRINT)

Bitcoin fell underneath $30,000 on Tuesday for the first time in five months, hit by concerns over China's ongoing crackdown on the world's most popular cryptocurrency. At about 1230 GMT, bitcoin sank as low as $29,334, a level last seen in January, with analysts citing Chinese efforts to curb trading and mining operations. The unit later stood at $29,590, down 9.25 percent in value.

"Concerns mount over China's ongoing clampdown and fears that widespread acceptance of bitcoin and other digital currencies will be delayed because of concerns about their environmental impact," said analyst Fawad Razaqzada at trading site ThinkMarkets.

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage
Also read
Looking for a smartphone? To check mobile finder click here.

Bitcoin also faces a green backlash because mining often uses electricity produced from fossil fuels, he noted. China has broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in the key southwestern province.

Chinese mines power nearly 80% of the global trade in cryptocurrencies despite a domestic trading ban since 2017, but in recent months several provinces have ordered mines to close as Beijing turns a sharp eye to the industry.

Authorities in the province of Sichuan ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media and confirmed by a former bitcoin miner. Sichuan, a mountainous region in southwest China, is home to a large number of cryptocurrency mines -- huge data centres which require a colossal amount of energy.

Bitcoin and other cryptocurrencies are minted by solving puzzles using powerful computers that consume enormous amounts of electricity -- much of which is usually produced by coal plants.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 22 Jun, 18:39 IST
Tags:
NEXT ARTICLE BEGINS