Bitcoin price on Monday fell almost 10% as recent volatility in the cryptocurrency market showed no signs of dampening, with market players citing jitters over China’s expanding crackdown on bitcoin mining in thin liquidity for the losses.
Bitcoin fell as low as $32,094 to its lowest in 12 days, dragging smaller coins down. It was last down 8.3%, on course for its biggest daily drop in a month.
The world’s biggest cryptocurrency, long plagued by volatility, has lost over 20% in the last six days alone and is down by half from its April peak of almost $65,000. Still, it has still gained over 10% this year.
The recent drop in Coca Cola’s share price shows that cryptocurrencies are not the only ones that are volatile and susceptible to influencer type of endorsements and exclusions.
The drop comes amid a growing crackdown on cryptocurrencies in China, where authorities in the southwest province of Sichuan on Friday ordered bitcoin mining projects to close.