Bitcoin Continue To Fall Consecutively For 2 Days
- ByStartupStory | June 22, 2021
Bitcoin has come under immense pressure after the People’s Bank of China summoned officials from all its biggest banks as well as AliPay to reiterate its ban on cryptocurrency services. Bitcoin’s slide continues as it nears $30,000 in-between China’s ban on cryptocurrency mining. The crypto dipped 3.65 per cent to $32,908 on Tuesday morning, according to CoinMarketCap index. It has suffered a dip of 18.62 per cent over seven days.
Bitcoin’s dip is now creating fears in its shareholders as it Bitcoin continue to fall.Ethereum fell 5.59 per cent to $1,970.25, while Ether dropped 0.10 per cent. As Bitcoin starts to be in the downward spiral, experts are predicting that the day is not far away when Bitcoin will hit $30,000. In case that happens, then it would mean a ‘massive hit’ to sentiment and could see heavy selling activity across the market, Pankaj Balani, CEO of Delta Exchange told the news site. However, Balani is keeping high hopes and believes that the coin will do a rebound to $40,000 in the up coming weeks.
Beijing has ordered a clampdown on cryptocurrency miners following concerns about the effect it is having on the environment. The northern region of Inner Mongolia also banned mining and introduced a telephone hotline for reporting of suspected operations. Chinese government is putting immense pressure on local governments to reduce energy intensity as the country aims to reach peak output of greenhouse gas by 2030 and achieve carbon neutrality by 2060. And Bitcoin is being the victim to all this. Long hours of running computers to produce Bitcoin is detrimental to the plans. The digital coin which had reached a peak of $65,000 in April is slowly reaching at its bottom.
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