Bitcoin plummets to a six-month low on China crackdown

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrency

Bitcoin, the world’s biggest cryptocurrency, fell 9 per cent to $6,929, its lowest since May, and was last down 6 per cent at $7,134. (Representational image)

Bitcoin slumped to a six-month low on Friday after China’s central bank launched a fresh crackdown on cryptocurrency, warning of the risks from issuing and trading digital coins.

Bitcoin, the world’s biggest cryptocurrency, fell 9 per cent to $6,929, its lowest since May, and was last down 6 per cent at $7,134.

The People’s Bank of China’s Shanghai headquarters had said it would tackle a resurgence of illegal activities around virtual currencies, cautioning investors not to confuse crypto with blockchain technology.

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