Bitcoin Falls from $65,000 High in April to Breaching $30,000 Price
Posted on 07/20/2021
Risk assets remain down across the board as inflation takes hold, concerns about an Indian delta variant of COVID appear to propagate, and geopolitical tensions rising in Asia. Furthermore, a renewed crackdown in China on cryptocurrency trading and mining has weighed on the price of Bitcoin. Back in 2017, China banned local cryptocurrency exchanges forcing them to move offshore. Bitcoin dropped below US$ 30,000 for the first time since June 22, 2021, lowering other cryptocurrencies. According to CoinMarketCap data, roughly US$ 98 billion was wiped off the entire cryptocurrency market in 24 hours as of 12:29 a.m. ET on Tuesday.
Bitcoin appears to have some correlation to stock markets, as there was a major market sell off on Monday. The Dow Jones Industrial Average had its worst day since October 2020.
Bitcoin had an all-time high price of almost US$ 65,000 in the middle of April 2021.