Bitcoin selloff resumes after China reiterates crackdown warning

Bitcoin fell again on Friday after China reiterated its warning that it intends to crack down on crypto mining, in what has been a tough week for crypto investors.

Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks. The largest cryptocurrency fell 4.8% to $38,165 as of 11:11 a.m. in New York. The statement late Friday after a meeting of the Financial Stability and Development Committee was the latest blow in a rough week for the cryptocurrency market, rattled by forced selling and a possible U.S. tax clampdown. China has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. The country is home to a large concentration of the world’s crypto miners, or programmers who use massive computing power to verify transactions on the blockchain.