Bitcoin drops below $30,000 for first time in five months

Bitcoin fell below $30,000 for the first time in nearly five months as China's latest crackdown on cryptocurrencies continues.  The world's largest cryptocurrency fell to $29,586.94, a -8.61% decline according to Coindesk. 

The drop fallows an earlier drop in value to $32,094. The world's biggest cryptocurrency, long plagued by volatility, has lost over 20% in the last six days alone and is down by half from its April peak of almost $65,000. Still, it has still gained over 10% this year.

The drop comes amid a growing crackdown on cryptocurrencies in China, where authorities in the southwest province of Sichuan on Friday ordered bitcoin mining projects to close.

The State Council, China's cabinet, last month vowed to clamp down on mining and trading as part of a series of measures to control financial risks.