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The price of bitcoin fell below $12,000 for the very first time since December 5, 2017. The most famous digital currency went down to a six-week low Tuesday, as a consequence of warnings from regulators and reports of an escalated crackdown on the cryptocurrency market in China.

Other cryptocurrencies like Ethereum and ripple were falling. Ethereum was trading at $1,051.83, down more than 20% in the last 24 hours, and ripple fell almost 27% to $1.33 a token.

BTC/USD on coinrate.com

The price of bitcoin fell below $12,000 for the first time since December 5. It was trading at $11,182.71 a coin at about 4:52 a.m.

On Monday, Bloomberg reported that Chinese government was planning to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading. Today, a Chinese central bank official reportedly said that authorities should ban the centralized trading of digital currencies, adding weight to concerns of further suppression of the country’s cryptocurrency market.

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