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Bitcoin drops below $30K to 6-month lows

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Bitcoin (BTC) fell under $30,000 on Tuesday from all time  high $64,805.00 on Apr 14, 2021


Bitcoin, Currency, Crypto, Cyber

The latest data showed BTC/USD crashing through $30,000 support, shedding 6% in an hour and hitting its lowest levels since late January.

After dropping from $41,000 a week ago, Bitcoin has seen multiple apid bursts of downward volatility in recent days, culminating in Tuesday’s $30,000 breach.

As Cointelegraph reported, the breakdown was widely anticipated by traders, some of whom were already calling for $25,000 and even lower.

China   and the associated media attention surrounding its mining purge appeared to be the main driver of bearishness despite widespread arguments that the shake-up would actually benefit Bitcoin in the long term.

Bitcoinn chart

China who hosts around 70% of the world’s Bitcoin mining capacity, called the hash rate. drops to a six-month low after China decided to shuts nearly 90% of its bitcoin mining because of tremendous amount of energy consumed by the miners

At the time of writing, BTC/USD traded at around $29,000 amid heavy volatility, bouncing at $29,600 on Bitstamp.

Binance, the largest cryptocurrency exchange by volume, reportedly began experiencing techinical problem as the price action unfolded.

Binance orderbook data showed buyers lined up at $25,000, with events taking out the $30,000 positions visible in the latest representation

At the time of writing the bitcoin currently traded  around $32693

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