Bitcoin sinks below $30,000 for first time since January

Bitcoin was trading low by 3.16 percent at $31,804.55 at around 4 pm (IST), according to cryptocurrency trading website coindesk.com.

World’s biggest popular cryptocurrency bitcoin had a massive downfall again on June 22 as China ramps up the pressure on cryptos.

Bitcoin was trading low by 3.16 per cent at $31,804.55 at around 4 pm (IST), according to cryptocurrency trading website coindesk.com. The market capitalization of the most popular cryptocurrency too declined and was at $596.02 billion during the 24-hour trading.

During the weekend, following the triggered a technical sell signal in cryptocurrency, trade experts indicated more downside ahead.

As per CNN report, one of the agencies of crypto in China reported that due to the suppress in the mining activity, telling lenders and major payment platforms that the crypto trading won’t be sanctioned, they have witnessed one of the highest crackdown on Bitcoin.

Even though China has not completely ban cryptos, but it has its regulatory bodies since 2013 and has declared that bitcoin was not a real currency it has a forbade financial  payment institutions from transacting with it.

According to Avinash Shekhar, co-CEO of ZebPay, the fall in the value of Bitcoin can be considered as a good sign as the market is holding a positive view point.

Mr. Avinash also said in a report, “No one can predict the market or define if we have entered the bear market. Crypto markets overall have seen significant gains over the last 6-9 months despite the recent dip in prices.”

He also added in the report that, “the market is still sustaining very well above the 2017 all-time high prices. This is a good sign of the market still holding a positive sentiment.”

Lastly he concluded with, “We are looking forward to the upcoming upgrades to different blockchain networks and might see more fundamental strength in this space leading to sustainable growth in the future.”

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