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Bitcoin Price Drops Below $30K for the First Time Since January


June 23, 2021 · By Muhammad Awwal
Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH), XRP (XRP)

Downward selling pressure sees Bitcoin swiftly take out $30,000 support as Binance users report technical difficulties bringing the year-to-date gain down to just 3%. 

Bitcoin (BTC) fell under $30,000 on Tuesday as the latest BTC price dip saw the largest cryptocurrency hit the lowest level since Jan. 28.

The drop comes a day after the China Central Bank ordered the country’s major financial institutions to stop facilitating crypto transactions and signals an end of the four-week-long consolidation between $30,000 and $40,000.

Bitcoin peaked above $64,000 in mid-April and fell by 35% in May on the back of concerns regarding the negative environmental impact of cryptocurrency mining and renewed regulatory crackdown in China.

While bitcoin is down 8% on a 24-hour basis, other major coins like ether, XRP, and cardano are nursing 10%-20% losses. Dogecoin, the joke cryptocurrency, is trading 25% lower.

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