Bitcoin Drops Below 30K For The First Time In A Month

Bitcoin drops below 30k for the first time in a month. Other cryptocurrencies followed suit.

The largest cryptocurrency Bitcoin (BTC) fell below $ 30 thousand for the first time in about a month, while other cryptocurrencies followed Bitcoin and lost value. Bitcoin traded at $29,600, down 4.1 percent at 12:55 am Tokyo time. Ethereum is down about 9 percent and ripple about 10 percent. In mid-April, the leading cryptocurrency Bitcoin (BTC) recorded an all-time high of about $ 65,000.

The Decline was Cuased by China

Some harsh bans imposed by regulators on cryptocurrency transactions in China have also seriously affected the decline of Bitcoin. Demanding the cessation of cryptocurrency mining operations, the Chinese government warned that electricity to mining farms would be cut off. While the decision in question dealt a hard punch to Bitcoin mining, there was a serious loss in Bitcoin hash power due to devices that were closed or moved.