Bitcoin fell 8% to $36,707.86 to reverse gains of about 5% on Friday. The wild swings to the downside followed reports that China will crack down on bitcoin’s trading activities and mining.
China intensified calls to crack down on bitcoin saying it aims to prevent the transfer of individual risks to the social field.
The statement from China was a blow to bitcoin which had already shed more than half of its value from its April record highs above $64,000.
The recent threats from Beijing follows another one from the People’s Bank of China that warned against the use of bitcoin as a form of payment.
China aims to be carbon neutral before 2060 and has set 2030 as the year to attain peak carbon and sees bitcoin’s mining operations as a key deterrent to the goal.
Bitcoin is currently declining. BTCUSD is down 7.00%
