Trading at around $29,000, Bitcoin was about 3% lower on the day according to Coin Metrics. The plunge in Bitcoin came after a big sell-off in global stock markets. On Monday, the Dow Jones Industrial Average had its worst day since last October “There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, the partner at cryptocurrency financial services firm Amber Group, said.
This most recent price drop is likely still a result of the renewed crackdown in China on cryptocurrency trading. The overall confidence level on cryptocurrency as a whole sharply decreased as regulatory scrutiny emerged from multiple nations. Some analysts said that Bitcoin’s fall below the $30,000 level could indicate a continuous sell-off, leading to a $22,000 to $24,000 level.
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