Bitcoin Drops Below $33,000 As China Continues Crypto Mining Crackdown

Bitcoin Drops Below $33,000 As China Continues Crypto Mining Crackdown.

On June 21, Bitcoin fell below $33,000 for the first time since June 8 following reports that more bitcoin mines were shuttered on Sunday in Sichuan.

According to 'Global Times,' a Communist Party-backed newspaper, over 90% of China's bitcoin mining operations have been shut down.

China's central bank has also summoned payments service Alipay and other major banks in an attempt to get them to crack down on crypto trading.

Last month, China banned financial institutions from providing services related to cryptocurrency.

All of these measures are due to growing concerns about the potential environmental harm of bitcoin, which requires significant processing power.

The Bitcoin Mincing Council and the Crypto Climate Accord have been launched by concerned parties attempting to mitigate crypto's carbon footprint.

According to CNBC, close to 65% of global bitcoin mining is done in China