Bitcoin Drops to $48,000 Wednesday as Iran Issues Bitcoin Mining Ban

The Iranian government issued a ban on bitcoin mining, ordering the closure of authorized bitcoin mining centers to avoid a power outage crisis, media reported Tuesday local time.

Earlier this year, Iran at one point banned cryptocurrency mining altogether as major cities experienced power supply crunches.

During Wednesday's Asian trading session, Bitcoin fell more than 3% to $48,000 in 24 hours, Ether fell to $3,800, Coincoin fell to $538, The Sandbox fell to $6.09 and Dogcoin fell to $0.17.