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Here’s why bitcoin dipped — and what crypto bulls think about it

Bitcoin advocates sought to take the crypto’s second major dip in less than a week in their stride

By Emily Nicolle

and

Bérengère Sim
Tyler Winklevoss, left, co-founder of crypto exchange Gemini, has said the only mistake that traders could make in the next 10 years would be to sell their bitcoin holdings
Tyler Winklevoss, left, co-founder of crypto exchange Gemini, has said the only mistake that traders could make in the next 10 years would be to sell their bitcoin holdings Photo: Christopher Goodney/Getty Images

Bitcoin took a beating over the weekend as China stepped up its curbs on cryptocurrency trading, falling almost 50% from its all-time high.

Following on from earlier moves by Chinese financial industry bodies, the State Council’s Financial Stability and Development committee said late on 21 May that it also would be cracking down on bitcoin mining and trading.

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