London Daily

Focus on the big picture.
Monday, Sep 01, 2025

Bitcoin faces biggest one-day slump since last year as China announces curbs

Bitcoin faces biggest one-day slump since last year as China announces curbs

The cryptocurrency fell to around $30,000, more than 50% down on its April highs, extending a recent downturn in its valuation.

Bitcoin's price has fallen sharply after China announced curbs on cryptocurrency transactions.

The cryptocurrency dropped by more than 20% to extend a sharp downturn over the past month.

It dipped below $40,000 (£28,241) and hit its lowest level for more than three months on Wednesday afternoon, briefly even falling further to around $30,000 (£21,180).

Bitcoin rose sharply earlier this year


Later it partly recovered but was still trading 10% lower on the day at just above $38,000.

The slump was on course to be the biggest one-day fall since March last year and was mirrored by other cryptocurrencies such as ethereum and dogecoin.

At one point, nearly $1trn was wiped off Bitcoin's total market capitalisation.

Bitcoin had risen sharply earlier in the year and hit a high of just under $65,000 (£45,891) in April but has since come under pressure after a series of tweets from Tesla boss Elon Musk.

The electric car maker earlier this year revealed a major investment in the cryptocurrency and said it would start accepting it as payment.

But last week it reversed that position because of the environmental impact of using Bitcoin, which is "mined" using energy-intensive computer processes.

Elon Musk's tweets about Bitcoin have impacted the market


Now, China has announced a ban on financial institutions and payment companies from providing services related to cryptocurrencies - intensifying the selling pressure. It also warned investors against speculative crypto trading.

Meanwhile, analysts at JP Morgan said some institutional investors were exiting Bitcoin for gold - a more traditional store of value when other asset classes are volatile.

It comes at a time when the wider market is gripped by worries about inflation and whether that will mean interest rates in the US turning higher sooner than previously thought.

Those fears helped send London's FTSE 100 and New York's Dow Jones more than 1% lower on Wednesday, following previous volatile trading last week.

Comments

Oh ya 4 year ago
Well you were at the casino playing crypto and did not cash out in time. You were hanging on looking for the bigger suck and you turned out to be that sucker. Looks good on you LOL

Newsletter

Related Articles

0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×