Bitcoin fell below $30,000 for the first time since January

The price of Bitcoin briefly fell below $30,000 in volatile transactions, almost erasing all gains this year, and the full-scale regulatory crackdown put the world’s leading digital assets under continuous pressure.

In the most recent round of selling, Bitcoin fell 12% on Tuesday to $28,824, and the cryptocurrency fell more than 50% from its peak of nearly $65,000 in April. It recovered to approximately $32,000 later in the day.

The recent decline in Bitcoin has spread to many other parts of the digital asset market, hitting “altcoins” such as Ethereum and Dogecoin.

In recent weeks, global authorities’ attempts to control markets that are largely unregulated have intensified.

China is one of the most important digital currency markets in the world, and it has banned Bitcoin mining in major provinces-an important process required to record and verify transactions and create new coins.The country’s central bank on Monday warned several of its largest state-owned banks and Jack Ma’s Alipay “Investigation and Identification” Bank accounts facilitate cryptocurrency transactions and block all corresponding transactions.

Fundstrat, a boutique research firm based in New York, said that the sell-off that started on Monday was “mainly driven by Chinese regulatory pressure.” MicroStrategy CEO Michael Saylor is one of Bitcoin’s biggest corporate proponents, and he agrees that China’s repression is the “main driving force.” He wrote on Twitter: “This has caused the forced and hasty outflow of Chinese capital and Bitcoin network mining.”

MicroStrategy’s stock price fell more than 10% in New York on Tuesday, and then narrowed the decline to nearly 5%. The group purchased these tokens at a total cost of US$2.7 billion, with an average price of just over US$26,000 each. Said MondayIt recently purchased about 500 million U.S. dollars of Bitcoin at a price of about 37,600 U.S. dollars.

As a sign that regulatory issues have surpassed China, global regulators this month called on cryptocurrencies to implement the most stringent bank capital rules of any asset, arguing that the requirements for holding Bitcoin and similar tokens should be much higher than those for traditional stocks and bonds.

The last time Bitcoin fell near this level was in May, when China’s crackdown on coin mining and use combined with the recognition of Bitcoin champion Elon Musk Environmental impact, Leading to a downward spiral in prices. This incident shows that when cryptocurrency prices fall, Stumble It can be very fast.