Bitcoin plunges after China crackdown
by Kalyeena Makortoff and Graeme Wearden from on (#5J0WE)
Digital currency under pressure from payment crackdown and tweets from Elon Musk
The price of bitcoin fell by almost 30% on Wednesday, after a Chinese government crackdown on banks' use of cryptocurrencies accelerated a long-predicted sell-off, in a day of chaotic trading.
The world's largest digital currency tumbled to about $30,000 (21,000) amid frenzied trading, a drop of more than 50% since it hit record highs of more than $64,000 in mid-April. However, by 10pm UK time, the bitcoin price had risen back to about $38,500, still down 11% on the day, according to Refinitiv data.
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