The price of Bitcoin fell by another seven percent on Friday as Chinese officials repeated their warning against it and Elon Musk said it needs more time to become less environmentally damaging. Bitcoin slid 7 percent to $37,306 and rival cryptocurrency Ether declined 10% to $2,485 after Chinese officials triggered another sell-off. In a late night meeting, Vice Premier Liu He said Beijing needs to 'crackdown on Bitcoin mining and trading behavior'. It drove the price down and at around the same time, Chinese officials said they would no longer accept it in their financial systems. Bitcoin mining sees new 'coins' generated by extremely sophisticated computers solving complex mathematical problems.

Source: Daily Mail May 21, 2021 20:45 UTC