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Cryptocurrencies tumble amid China crackdown on bitcoin miners

Cryptocurrencies tumble amid China crackdown on bitcoin miners 1

TOKYO (Reuters) – 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.

(Reporting by Kevin Buckland; Editing by Toby Chopra)

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