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Bitcoin drops as hashrate declines with China mining crackdown

Bloomberg
Bloomberg6/21/2021 8:54 AM GMT+08  • 3 min read
Bitcoin drops as hashrate declines with China mining crackdown
Bitcoin dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny.
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Bitcoin dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny.

The largest cryptocurrency fell 5.5% to US$34,142 ($45,890) as of 10.50am Sunday in New York, dropping for a fourth time in the past five sessions. Ether, the second-biggest, declined 5.9% to US$2,095.

The hashrate in China is dropping significantly as Bitcoin mines are being closed, Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX wrote in an email Saturday, citing reports on Twitter from handle @bigmagicdao.

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