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Cryptocurrencies

Bitcoin stumbles below $30,000 under weight of China crackdown

'Downward pressure overwhelmed' digital currency's support, trader says

Bitcoin has drawn renewed scrutiny from Chinese monetary authorities, and its volatility has also put it on U.S. lawmakers' radar for regulation.   © Reuters
FRANCESCA REGALADO, Nikkei staff writer | China

WASHINGTON -- While Asia slept, regulatory pressures in China continued to bear on bitcoin, dragging the price of the world's most traded cryptocurrency below $30,000 for the first time since January.

Bitcoin's price fell to just above $29,000 on Tuesday morning before stabilizing above $32,000 later in the day.

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