USD 90 B wiped off crypto market as bitcoin drops below USD 30K in a month
Crypto market has broken down almost 50 per cent from its peak of USD 64700.
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Mumbai, Jul 23 Crypto market has broken down almost 50 per cent from its peak of USD 64700.
The fall of the virtual currency began after the neighboring country China put restriction on the trading and mining of the crypto currencies.
Prices dropped scientifically and Bitcoin's drop below USD 30,000 along with prices of other major cryptocurrencies such as Ethereum, Cardano, Dogecoin, and even stable coins such as Tether.
"Authorities in China's southwest have ordered Bitcoin mining operations to shut down as part of a series of financial risk-control measures. Globally, China has 65 per cent in global mining production accounted last year and the banned in China is worrying investor to sell their holdings. Separately, China's third-largest lender by assets, Agricultural Bank of China (AgBank), said it was following the People's Bank of China's guidelines and would do due diligence on clients to root out unlawful crypto mining and transactions," Prem Prakash, CEO, CapitalVia Global Research told Bizz Buzz.
European Union is also planning cryptocurrency anonymity in its anti-money laundering plan in an effort to combat the proceeds of crime and in favor of impose stricter restrictions. Within the European Union, money laundering is a big issue. Europol estimates that suspicious transactions account for about 1 per cent of all economic activity in the EU, he said.
The reason behind rise in the price of the Crypto, he went on, is worldwide acceptance, interest of the major player like Tesla and many more but now major economies are taking one step back and making sticker rules dragging down the market. However, Bitcoin having strong support zone of USD 29,500 – USD 30,000 and market may take some pauses here. Current Market Cap of the Bitcoin is USD 1237 Billion.
