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27.10 - 19:17
Bitcoin's Drop Accelerated by China's Crypto Crackdown
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investopedia.comBitcoin's nosedive below $30,000 on Tuesday may signal a period of major volatility in the coming weeks, setting the stage for further declines in the cryptocurrency. After the plunge, chart watchers said that Bitcoin now may have a difficult time finding support in the $20,000 range after failing to return to its $40,00 level last week.The market's increasingly skeptical outlook regarding Bitcoin is a major setback for the digital currency, which had soared in the past year.
China’s crackdown on cryptocurrency trading and mining was the major force that fueled the downward spiral in Bitcoin, illustrating China's dramatically increasing role in cryptocurrencies. Bitcoin dropped yesterday to below $30,000 for the first time since January,
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