Bitcoin breaks below $30K before bounce back
Bitcoin's annual gains have dropped to 4%
China shuts down 90% of crypto mining
Matthew Roszak, chairman of the Chamber of Digital Commerce, argues that banning cryptocurrency will be one of China's 'biggest blunders in modern history.'
The battering of Bitcoin continued Tuesday as the price dipped below the $30,000 level before bouncing back.
(Courtesy: Coindesk )
The move comes 24 hours after Beijing signaled further opposition to cryptocurrencies. The People's Bank of China told financial institutions to stop processing transactions in the space.
Other digital currencies Etherem, Dogecoin and XRP also tumbled as did stocks connected to the industry including crypto exchange Coinbase and exchange-traded fund Bitwise.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 304.64 | +9.41 | +3.19% |
| BITQ | BITWISE CRYPTO INDUSTRY INNOVATORS ETF - USD DIS | 20.74 | +1.04 | +5.28% |