Bitcoin, other cryptocurrencies continue to tumble with increasing China crackdown

Chinese authorities ordered the shut down of bitcoin mining projects in the southwest province of Sichuan, which is reportedly the second-largest producer of cryptocurrency.

Bitcoin continues to tumble as China expands its crackdown on its mining. The downfall comes months after the cryptocurrency experienced a record high in the global markets. The world's most valued cryptocurrency fell to as low as $31,400 on Monday, dragging others in its wake. The slump continues from a two-week dip triggered by the Chinese crackdown on its mining and trading in a bid to eliminate financial risk for the country's investors. On Friday, Chinese authorities in the southwest province of Sichuan ordered the shut down of bitcoin mining projects. Following the order, China's central bank summoned some banks and payment firms, including China Construction Bank and Alipay, and urged them to stop cryptocurrency trading.