Official Chinese warnings over the perils of cryptocurrencies have knocked the price of bitcoin to a six-month low, providing another reminder to investors of the shifting regulatory environment, just weeks after President Xi Jinping gave his backing to the potential of blockchain technology.
In European trading on Monday, bitcoin slipped as much as 11 per cent before rebounding to about $7,250. The cryptocurrency has fallen about 15 per cent over the past five days, pushing it down to levels not seen since May.
The slump in the digital currency, notorious for its booms and busts, has been prompted by indications that Beijing is sticking to a tough line on crypto trading.
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