The price of Bitcoin plunged further on Tuesday to hover around the widely anticipated $30,000 level due to the latest crackdown efforts of China.
- Bitcoin dropped up to 4.3% to $31,171 on Tuesday, and was trading at $31,500 in the morning. The retail market is watching out for the $30,000 level which could trigger a wider selloff if breached.
- China’s central bank on Monday said it called on bank leaders across the globe to reiterate its position on cryptocurrencies. It also cited environmental concerns from Bitcoin mining.
- Crypto lender Nexo Co-founder Antoni Trenchev is optimistic that the $30,000 will hold as the low for the year, but noted that it could slip to as low as $20,000 before picking up.
- Analysts believe the negative trading conditions stem from the long buildup in the first quarter which has not yet cleared
Bitcoin hit a record $65,000 in April, but has since wiped out roughly half of its gains.
BTC/USD is down 3.48% to $31,509.39.
Source: Bloomberg
