Bitcoin’s wild ride continues as it sank below the $30,000 threshold briefly on Tuesday, at one point, erasing all its 2021 gains. As the No.1 Cryptocurrency of the planet, people took the chance and “bought the dip”, creating a healthy bounceback as Bitcoin traded as high as $34367 in early morning trading.
Bitcoin had a solid start to the year, rallying to an all-time high of almost $65000 ahead of crypto exchange Coinbse’s blockbuster debut, but its been on a rollercoaster ride ever since. The Chinese government crackdown on Bitcoin mining that hit the hydropower-rich Sichuan province had a significant effect on the global crypto market, as China contributes to over 65% of the computing power of Bitcoin. As the nature of Bitcoin is volatile and unpredictable, it’s still hard to say whether the bounceback will last.
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