"Nearly $100 billion wiped off crypto market as bitcoin drops below $30,000"

" \n Bitcoin\u00a0fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower. \n \n\n \n About $98 billion was wiped off the entire cryptocurrency market in 24 hours as of 12:29 a.m. ET on Tuesday, according to CoinMarketCap data. \n \n\n \n Bitcoin was down more than 6% while ether fell nearly 9% and XRP tanked almost 10%, according to CoinDesk data. \n \n\n \n The plunge in bitcoin came after a big sell-off in global stock markets. On Monday, the\u00a0Dow Jones Industrial Average\u00a0had its\u00a0worst day since last October. \n \n\n \n \u201cThere\u2019s been a broad sell-off in global markets, risk assets are down across the board,\u201d Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said. \n \n\n \n There are \u201cconcerns of the quality and strength of economic recovery\u201d and \u201cbroader risk assets turned weaker including high yields,\u201d Huang said. \u201cCoupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.\u201d \n \n\n \n Since bitcoin\u2019s all-time high of nearly $65,000 in mid-April, its price has plunged over 50%. \n \n\n \n Regulatory scrutiny \n \n\n \n A renewed crackdown in China on cryptocurrency trading\u00a0and mining has weighed on the bitcoin price. \n \n\n \n Major regions responsible for\u00a0bitcoin mining in China have forced operations to shut down. Bitcoin mining is an energy-intensive process that facilitates bitcoin transactions and creates new coins. \n \n\n \n China\u2019s central bank has also spoken to finance and fintech companies\u00a0reminding them not to offer crytpo-related services to customers. \n \n\n \n China banned local cryptocurrency exchanges in 2017\u00a0forcing them to move offshore. That\u00a0did not stop Chinese traders buying and selling digital coins. But the tough actions this year from Chinese regulators has looked to further tighten restrictions on trading and mining. \n \n\n \n \u201cAll signals are red as BTC (bitcoin) continues to be weighed down by China\u2019s ultimate crypto ban and worsening macro economic conditions from a surge in covid variants,\u201d said Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital. \n \n\n \n Regulators around the world are also looking more closely at the crypto space. \n \n\n \n Binance, the world\u2019s largest cryptocurrency exchange, last month was\u00a0barred by U.K. authorities\u00a0from carrying out any regulated activities in the country. Regulators in Japan, Canada and Thailand have also issued warnings about Binance. \n \n\n \n \u201cIn general we\u2019re seeing more regulatory focus on crypto and bitcoin,\u201d said Vijay Ayyar, head of business development at cryptocurrency exchange Luno. \n \n\n \n More selling ahead? \n \n\n \n Bitcoin\u2019s fall below $30,000 could be important, according to Ayyar, who said the sell-off could go lower to test the $22,000 to $24,000 level. \n \n\n \n From then on, bitcoin could trade in a range. \n \n\n \n \u201cI would see bitcoin between 20-40K ($20,000 to $40,000) for a while now before any bullishness returns,\u201d Ayyar said. \n \n\n \n Kinetic Capital\u2019s Chu also sees potential selling ahead. \n \n\n \n \u201cQ1\u2032s crypto market momentum has stalled and is threatening further reversal potentially below the $25K levels,\u201d Chu said. \n "

"Nearly $100 billion wiped off crypto market as bitcoin drops below $30,000"

Africa’s Urban-Rural Digital Gaps are Closing inAMP

Mobile Money Transactions Reach GHS 354.1bn Value in August Despite Marginal Dip AMP

NAIMOS Task Force Leads Major Anti-Galamsey Operation on Ankobra RiverAMP