Saturday, July 24, 2021

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    Bitcoin falls below $30,000 for the first time in 5 months

    the bitcoin fell below $30,000 on Tuesday morning for the first time in five months, affected by measures in China against the world’s most popular cryptocurrency.

    Around 12:30 GMT, the bitcoin it lost 9% of its value to $29,624 and reached its lowest level since January.

    The volatile cryptocurrency continues to rise 2.2% since the beginning of the year, but its current price is 54% at its all-time high, reached in mid-April ($64,870).

    “Concerns about the Chinese government’s adjustment measures and fear that the acceptance of the bitcoin and other cryptocurrencies arrive late because of their impact on the environment hurt the market,” said Fawad Razaqzada, an analyst at ThinkMarkets.

    The Chinese government is conducting a campaign to curb the mining industry bitcoin, which is how that market calls the computers that run the cryptocurrency, decentralized, approving transactions and creating new units.

    According to former cryptocurrency producers, energy suppliers in China’s Sichuan province were ordered to stop supplying electricity to those companies by Sunday.

    This position is a new hard blow for the market,” said Timo Emden, an analyst specializing in cryptocurrencies. “China’s importance to the industry is now likely to decline rapidly,” he warned.

    However, the first cryptocurrency started the year on wheels. From the end of 2020, the bitcoin it was gaining the interest of more and more institutional investors, such as Wall Street banks and industrial groups such as vehicle manufacturer Tesla.

    In addition, some individual investors see cryptocurrency as a good means of placing some of their savings realized during the pandemic.

    Thus, the cryptocurrency market – whose greatest asset is still by far the bitcoin– grew to nearly $2.5 trillion by mid-May.

    But since then, the Chinese government’s actions and the criticism it has aroused over the significant use of electricity from its grid have caused it to lose popularity.

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