Cryptocurrency price LIVE: UK bans leading crypto exchange in major crackdown - new alert

Bitcoin price has suffered a huge hit over recent weeks due to China’s crypto mining crackdown.

Elon Musk's concerns over bitcoin's energy use has also helped wipe more than $1 trillion from the market.

Michael Saylor, the chief executive of business intelligence software company-turned bitcoin accumulator Microstrategy, has warned this could be a "trillion-dollar" mistake.

He told Bloomberg: "I think, given the bitcoin growth rate, this will prove to be a trillion-dollar mistake for China.

"It's a tragedy for Chinese miners [and] it's a geopolitical mistake for China the country - but I suppose they could afford to make a trillion-dollar mistake."

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