Bitcoin’s fall from grace hits a new low: below $30,000
The leading cryptocurrency started trading at around $29,000 in 2021 after increasing its value by four in 2020. From its mid-April high of $65,000, bitcoin lost more than 50% of its value
By Yashasvini Razdan, 12:42 PM ET
Bitcoin ’s price dropped as much as 10%, below $30,000, for the first time since January, as China intensified its crackdown on cryptocurrency. This fall has quashed the leading cryptocurrency’s gains over the entire year till now.
The leading cryptocurrency started trading at around $29,000 in 2021 after increasing its value by four in 2020. From its mid-April high of $65,000, bitcoin lost more than 50% of its value. In comparison to that, S&P 500 gained 12% since December 2020.
Concerns surrounding the negative impact of cryptocurrency mining on the environment, the renewed regulatory crackdown in China, and the Fed’s announcement of the first interest rate hike’s timing to 2023 — all combined to add bearish pressures on the cryptocurrency.
