Bitcoin Bounces Back After Dropping Below $30,000

Flagship cryptocurrency Bitcoin dropped below $30,000 for the first time in six months yesterday
The decline of the world’s largest cryptocurrency was aided by news of China’s crackdown on cryptocurrency and crypto mining
Following the huge drop, BTC rebounded and it is currently trading above $34,000

Flagship cryptocurrency Bitcoin hit its lowest point in six months when it dropped to $28,808 on Tuesday.

Bitcoin

The decline in the price of the world’s largest cryptocurrency came as a result of China’s crackdown on crypto and crypto mining.

There has been a lot of FUD (Fear Uncertainty and Doubt) in the crypto market due to the crackdown and other external factors.

The crypto asset was largely affected because about 70% of Bitcoin mining happens in China.

Several images were also circulated on social media of mining rigs being shut down by the Chinese government.

The cryptocurrency has however recovered and it is currently trading above $34,000.

At the time of this report, Bitcoin is up by 12% in the last 24 hours with a market cap of $636 billion.

The movement of BTC also influenced the price reaction of other cryptocurrencies.

Binance coin, Ethereum, and ADA are up by 22%, 11%, and 14% respectively.

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