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Bitcoin tumbles further as China tightens crypto crackdown
[Image: nz_bitcoin_220634.jpg?itok=tM9qpjOk&time...1624317957]

HONG KONG (REUTERS, BLOOMBERG) - Bitcoin’s slide toward US$30,000 amid China’s continued cryptocurrency crackdown is stoking fears of a deeper selloff.

Bitcoin fell as low as US$31,333 in London on Monday (June 21), dragging down other cryptocurrencies. It was trading at about US$32,240 as of 9.08am on Tuesday in Hong Kong.

The world's biggest cryptocurrency has lost about 20 per cent in the last six days alone and was at half its April peak of almost US$65,000. Year to date, it remained up about 11 per cent.

A conclusive break below US$30,000 would mean a “massive hit” to sentiment and possibly “heavy selling activity” across the cryptocurrency market, Pankaj Balani, chief executive officer of digital asset derivatives exchange Delta Exchange, wrote in an email. But he expects the coin to rebound and challenge US$40,000 in coming weeks.

Some Bitcoin investors were concerned further losses could be in store due to a chart formation known as a death cross which occurs when a short-term average trendline crosses below a long-term average trendline.

MicroStrategy said on Monday it had purchased an additional 13,005 Bitcoins for about US$489 million (S$656.5 million) in cash at an average price of about US$37,617. The news did little to bolster the virtual currency amid concerns that wider institutional adoption is stalling after Elon Musk and Tesla cooled on Bitcoin.

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