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Tags: bitcoin | drop | 30000

Bitcoin Sinks Below $30,000 for 1st Time Since January

Bitcoin Sinks Below $30,000 for 1st Time Since January
(Dreamstime)

Tuesday, 22 June 2021 09:52 AM

Bitcoin’s decline amid a crypto crackdown from China has pushed it below $30,000 for the first time since January, nearly pulverizing its entire 2021 gain.

The original cryptocurrency has lost more than 50% from its mid-April high of almost $65,000, leaving it up marginally for the year. That compares with a 12% gain for the S&P 500 since the end of December. The coin started 2021 trading around $29,000 following a fourfold increase in 2020.

“Any meaningful break below $30,000 is going to make a lot of momentum players to throw in the towel,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Therefore, even if Bitcoin is going to change the world over the long-term, it does not mean it cannot fall back into the teens over the short-term.”

Bitcoin dropped as much as 10% to $29,333 on Tuesday, just above last year’s closing price of $28,997. Other cryptocurrencies were hit harder, with Dash tumbling 22%, XRP falling 21% and Litecoin stumbling 18%. Among more volatile DeFi tokens, Prude was down 68% and Manyswap tumbled 60%, according to data on CoinMarketCap.com.

Chart-watchers said Bitcoin, which failed to retake $40,000 last week, could have a tough time finding support in the $20,000 range following its drop below $30,000. Still, Bitcoin had prior to Tuesday breached $30,000 during at least five separate instances this year but recuperated to trade above that level each time.

It’s a remarkable comedown for the digital asset which just weeks ago was trekking higher amid a warmer embrace from Wall Street as well as retail investors. But negative press about its energy use, brought on largely by Tesla Inc.’s Elon Musk, as well as a clampdown from China have pushed it lower in recent weeks.

The $30,000 support level had held steady during a selloff last month that saw it wipe out roughly 35% for the month of May.

© Copyright 2021 Bloomberg News. All rights reserved.


StreetTalk
Bitcoin's decline amid a crypto crackdown from China has pushed it below $30,000 for the first time since January, nearly pulverizing its entire 2021 gain. The original cryptocurrency has lost more than 50% from its mid-April high...
bitcoin, drop, 30000
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2021-52-22
Tuesday, 22 June 2021 09:52 AM
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