$90 billion wiped off crypto market as bitcoin drops below $30,000 for first time in nearly a month - CNBC
"Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.".
What you need to know about it and why it's not just another bitcoin.
A renewed crackdown in China on cryptocurrency trading and mining has weighed on the bitcoin price."All signals are red as BTC (bitcoin) continues to be weighed down by China's ultimate crypto ban and worsening macro economic conditions from a surge in covid variants," said Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital."In general we're seeing more regulatory focus on crypto and bitcoin," said Vijay Ayyar, head of business development at cryptocurrency exchange Luno."I would see bitcoin between 20-40K ($20,000 to $40,000) for a while now before any bullishness returns," Ayyar said"Q1's crypto market momentum has stalled and is threatening further reversal potentially below the $25K levels," Chu said