So after stubbornly resisting to drop below $30,000 mark for the last few weeks following the crash, Bitcoin price is finally down to $29,000 mark.
At press time, the leading cryptocurrency is exchanging ownership at $29,614. The price is also the lowest since the beginning of the year. Last time Bitcoin was traded below $30,000 on January 27th, 2021.
It’s the second consecutive day when Bitcoin prices have dropped by nearly 10 percentage points in the last 24 hours. The other top altcoins including Eth and DOGE are also down. While Ethereum is down to $1,768 dropping below the $2,000 mark, Dogecoin is rallying around $0.17. It has slipped about 25% in the last 24 hours. Other top tokens also dropped in double figure percentage points.
The drop in price is mostly due to China’s crackdown on cryptocurrencies. Chinese government is strict against any Bitcoin mining activity in the country. It has recently started cutting power supply to Bitcoin mining centres.
While the top token’s price did pick up earlier in the week showing an upward trend, China’s full blown anti-crypto stand has led to the prices plummeting once again.