(CNBC) -- The world’s most popular cryptocurrency sank to $6,558.14 on Monday, its lowest level since May, according to industry site CoinDesk. It lost $3,000 in value in just a month as China accelerated a crackdown on businesses involved in cryptocurrency operations, a reversal from President Xi Jinping’s previous signal to be more open to the blockchain technology.
Bitcoin jumped to above $10,000 briefly last month after Xi sang the praises of blockchain in a speech and called on his country to advance development in the field. However, on Friday, China’s central bank, the People’s Bank of China, pledged to continue to target exchanges and asked investors to be wary of digital currencies.
Beijing has taken a tough stance on cryptocurrencies, banning a fundraising exercise known as an initial coin offering and forcing local trading platforms to shut down in 2017.
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