Cryptocurrencies somersault on Monday following China crackdown on bitcoin miners

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Cryptocurrencies has tumbled on Monday following the massive crackdown ravaging the Chinese bitcoin world, which has continued to expand to the province of Sichuan.

Investors woke up to see the crypto giant, bitcoin falling to as low as $32,288; for the very first time since June 8, and was last down 7.9% at around $32,781.

Bitcoin did not suffer the loss alone, as rival crypto, ether also shrank below $2,000; for the first time since May 23, before trading 10% lower at 2019.01.

According to records, China’s Cryptomining is regarded as big business in the country, as it also accounts for over half of the worlds bitcoin production.

Investors are hoping to see a miraculous turnaround for the crypto giant, but all hopes may soon be lost as several firms continue kicking against bitcoin’s dominance.