The Chinese government is leading an active campaign to curb the bitcoin mining industry. On Tuesday, the cryptocurrency leader plunged below $30,000 for the first time in five months.

Sulfed in Chinese efforts to regulate this decentralized market, the price of bitcoin fell below $30,000 for the first time since late January. Around 12:50 GMT (14:50 in Paris), bitcoin was trading for $ 29,590 (-9.25%), moments after touching its lowest in five months at $ 29,334. The highly volatile cryptocurrency remains up 2.2% since the beginning of the year but plunges 54% from its all-time high, reached in mid-April at $ 64,870.

Fawad Razaqzada, an analyst at ThinkMarkets believes that concerns about the Chinese government's tightening of screws and fear that the acceptance of bitcoin and other cryptocurrencies will be delayed by their environmental impact weighs on the market. The Chinese government is waging an active campaign to curb the bitcoin mining industry, as this market calls computers that run decentralized cryptocurrency by validating transactions and creating new bitcoins.