after China imposed new restrictions on cryptocurrencies, the price of Bitcoin fell below US $ 34,000 (£ 24,030) for the first time. in three months.
Beijing prohibits banks and payment companies from providing services related to cryptocurrency transactions.
also warned investors not to engage in speculative crypto trading on Tuesday.
Bitcoin fell more than 10% last week after Tesla said it would no longer accept the coin.
On Wednesday afternoon, Bitcoin rallied a bit, though it still fell -10.4% to $ 38,131.
At the same time, other digital currencies, such as Ethereum and Dogecoin, which serve as fuel for the Ethereum blockchain network, fell as much as 22% and 24%, respectively.
To curb money laundering activities, Beijing has cracked down on 6,644 cryptocurrency transactions since 2019, which have been illegal in China. But people can still trade currencies like Bitcoin online, which has caught the attention of Beijing.