Crypto miners halt China business after Beijing's crackdown, bitcoin dives

Crypto miners halt China business after Beijing
# 24 May 2021 04:33 (UTC +04:00)

Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling, APA reports quoting Reuters.

A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday - the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world's crypto supply. 

Bitcoin took a hammering after the latest Chinese move, and is now down nearly 50% from it's all-time high. The shed as much as 17% on Sunday, before paring some losses and was last trading steady in Asia.

Huobi Mall, part of cryptocurrency exchange Huobi, said in a statement late on Sunday that all of its custody businesses have been suspended.