Bitcoin drops as hashrate declines with China mining crackdown

The largest cryptocurrency fell 5.5% to $34,142 as of 10:50 a.m. Sunday in New York, dropping for a fourth time in the past five sessions. Ether, the second-biggest, declined 5.9% to $2,095. The hashrate in China is dropping significantly as Bitcoin mines are being closed, Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX wrote in an email Saturday, citing reports on Twitter from handle @bigmagicdao.

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