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.
