The hashrate in China is dropping significantly as Bitcoin mines are being closed, Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX wrote in an email Saturday, citing reports on Twitter from handle @bigmagicdao.
Bitcoin dropped over the weekend amid a focus on Chinese mine closures and potential regulatory scrutiny.
The largest cryptocurrency fell 5.5% to US$34,142 ($45,890) as of 10.50am Sunday in New York, dropping for a fourth time in the past five sessions. Ether, the second-biggest, declined 5.9% to US$2,095.
