Bitcoin erases all 2021 gains

Bitcoin erases all 2021 gains

BTC/USD breaks below $30K

Bitcoin’s slump continued, as it fell below the $30K mark, trading at its lowest price since January. Its downward trajectory started after the Chinese government continued its regulatory crackdown on bitcoin miners and companies that offer payment service for crypto-related transactions. The People’s Bank of China announced that the “virtual currency trading activities disrupt the normal economic and financial orders, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.”

Moreover, the Security and Exchange Commission called for stricter regulation on crypto exchanges to protect investors.

Following the recent losses, Bitcoin slid from its all-time high of more than $64,000 in mid-April.

Sources: coindesk.com, cnbc.com

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