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Bitcoin dropped below $ 30,000. Is China to blame?

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Bitcoin dropped

Bitcoin dropped below $ 30,000. Is China to blame?

Bitcoin dropped below $ 30 thousand over the past day. The decline occurs against the backdrop of negative news from China and a record inflow of bitcoins to exchanges.

Bitcoin dropped below $ 30 thousand on the Bitxmi.com crypto exchange for the first time since January this year. At the minimum, altcoin quotes fell to $ 29.2 thousand. Over the past day, it fell by 9%. The asset’s market capitalization has shrunk to $ 556 billion, according to CoinMarketCap.

Bitcoin set an all-time high of $ 64,800 on April 14. Over the past two months, the price of cryptocurrency has collapsed by 55%. BitXmi experts suggest that digital assets are getting cheaper after negative news from China. Yesterday, June 21, the People’s Bank of China (PBOC) ordered local financial institutions, including major banks and the Alipay payment system, not to participate in cryptocurrency transactions.

Also, miners are actively leaving the country after the introduction of a ban on the extraction of cryptocurrency. Such rules have been introduced over the past two weeks in four Chinese provinces, including Sichuan, which was considered a major hub for cryptocurrency mining.

A month ago, Vice Premier of the State Council of the People’s Republic of China Liu He spoke about the need to take measures against mining and crypto trading. He called for tougher regulation of the mining and trading of cryptocurrencies in China.

A few days later, the Chinese government news agency Xinhua published an article “Urgently Eliminate the Hype and Chaos around Virtual Currency,” which talks about the risks associated with trading and using cryptocurrencies.

On June 21, the chief executive of blockchain company CryptoQuant, Ki Young Ju, announced that the whales have started selling their assets, which strengthens the bearish sentiment in the market. Also, CryptoQuant analysts in June recorded the largest daily inflow of bitcoins to crypto exchanges since March 2020. In March last year, the price of bitcoin fell by almost half per day, below $ 4 thousand.

The previous large inflow of bitcoins to crypto exchanges – a maximum in 14 months – was recorded on May 18, 2021. The next day, the cost of the first cryptocurrency fell by almost a third, to $ 30 thousand. A significant influx of bitcoins to exchanges usually precedes their large sales.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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