Bitcoin stumbles as crypto mining crackdown deepens in China

The volatility in the crypto market is showing no signs of abating. At the time of writing, Bitcoin (BTC-USD) is off 7.7% to $32,641, continuing a selloff that ensued following the Fed's surprise hawkish turn last Wednesday. That means Bitcoin is down by more than half of its April peak of nearly $65,000, but has still gained over 10% YTD.Latest bear catalyst: China has intensified its crackdown on crypto mining, with authorities in Sichuan ordering projects to close follows similar developments in Inner Mongolia and Yunnan. The Sichuan southwest province hosts China's second largest mining community, according to data compiled by the University of Cambridge, with miners shifting production there in the rainy summer season to take advantage of hydropower resources. Last month, China's State Council pledged to clamp down on Bitcoin mining as part of a series of measures to control financial risks and energy consumption.It's big... The latest ban means that