Bitcoin falls 5.5% to $34,142 as China shuts down crypto mining

World's largest cryptocurrency Bitcoin fell 5.5% to $34,142 on Sunday as China ordered the closure of crypto mining projects amid concerns about energy usage. The hashrate in China started dropping significantly after the mines were closed, FTX's Jonathan Cheesman said. The drop was also seen after DeFi token TITAN crashed 100% on Thursday, raising potential regulatory scrutiny, an analyst said.