Cryptocurrencies tumble amid China crackdown on bitcoin miners

FILE PHOTO: A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken,May 19, 2021. REUTERS/Dado Ruvic/Illustration

TOKYO: Cryptocurrencies tumbled on Monday as China's crackdown on bitcoin mining expanded to the province of Sichuan.

Bitcoin fell to as low as $32,288 for the first time since June 8, and was last down 7.9% at around $32,781.

Smaller rival ether dropped below $2,000 for the first time since May 23, before trading 10% lower at 2019.01.

Cryptomining is big business in China, accounting for more than half of global bitcoin production. - Reuters