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