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The slump for bitcoin continued on Tuesday morning as the leading cryptocurrency fell below a key level and is trading at its lowest price in more than five months.
Bitcoin was down 8% to $29,674.25, according to Coin Metrics. Traders had warned a break below $30,000 could lead to more losses.
The prices of bitcoin and other cryptocurrencies have been battered in recent weeks by a stream of headlines out of China, where regulators have imposed new restrictions on energy-intensive mining and reiterated rules for financial firms about providing crypto services.
Environmental concerns have also become a new flashpoint for the asset class, with Tesla CEO Elon Musk suspending the use of bitcoin as payment for vehicles and saying that the pause would remain in effect until miners use more clean energy.
With Tuesday’s losses, bitcoin has slid about 54% from its all-time high of more than $64,000 in mid-April.