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Bitcoin price drops below $30,000.

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maryfayolaa:

Bitcoin price drops below $30,000.
Bitcoin fell below $30,000 for the first time in nearly a month, causing the entire cryptocurrency market capitalization to evaporate $100 billion.


According to Coinmarketcap, in the past 24 hours, the Bitcoin price has dropped more than 6.5%, currently down to around $29,700. This is the first time the world's largest digital currency has lost the $30,000 mark since June 22.


Bitcoin's plunge comes after a sell-off in global stock markets. Yesterday, the DJIA had its worst day since last October.


Other currencies also plummeted, causing the cryptocurrency market capitalization to blow $100 billion. In which, Ethereum lost more than 12% of its value, XRP fell 15%, Dogecoin dropped nearly 20% in the past day.
"There has been a sell-off in the global market, with risk assets falling across the board," said Annabelle Huang, partner at crypto financial services firm Amber Group. According to Huang, there are concerns about the quality and strength of the economic recovery and the weakening of risk assets. Coupled with Bitcoin's recent weakness, this has sent the crypto market down.


The increasing tightening of crypto mining and transaction management by China has put pressure on the Bitcoin price. Major regions responsible for Bitcoin mining in China have been forced to shut down operations. Compared to its peak near $65,000 in April, Bitcoin has now more than halved.


Previously, China's central bank also spoke to financial companies and Fintech reminding them not to provide crypto-related services to customers.


In 2017, China banned domestic cryptocurrency exchanges, forcing them to move abroad. That doesn't stop Chinese investors from buying and selling cryptocurrencies. However, tough actions this year by Chinese regulators have aimed to further tighten restrictions on trading and mining.


Not only Beijing, global regulators are also increasingly aggressive with the cryptocurrency market. Last month, the UK banned the world's largest cryptocurrency exchange Binance. While, Japan, Canada, Thailand also issued warnings about this exchange.

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