Bitcoin plunges below $30,000 | Financial

At around 2:30 PM on Tuesday afternoon, the oldest crypto coin fell nearly 10% in the past 24 hours to $29,530, according to Coindesk.com. Since January 1 this year, the bitcoin rate has not been there.

The number two, ethereum, and coins such as ripple, cardano and the dogecoin crypto recently embraced by Tesla CEO Elon Musk, also fell sharply on Tuesday afternoon.

The central bank of China has ordered the large payment service Alipay, with more than a billion users, to no longer participate in the purchase and sale of crypto coins. That ban has also been imposed on banks in China.

China is one of the major crypto miners. Sichuan province is considered a cradle of production, but Beijing has been performing here in recent days, sources report. That could mean a 90% cap on all new crypto.

Often the disappearance of miners is also a signal for others to enter the market, they look for regions with the lowest energy prices.

‘Dead-cross’

In addition, technical analysts warned in recent days about reaching a crucial limit for the crypto currency, the death cross. In addition, there is so much selling pressure that the line of the 50-day price average suddenly breaks the line of the 200-day average downwards.

That would lead to a new sell signal among investors. Set algorithms then herald a sale. Although other algorithms often see that as a buy signal.

On the buyer’s side, Michael Saylor of the MicroStrategy fund is doing well, putting nearly half a billion in bonds into the market to buy cryptocurrencies. He says he now owns more than 100,000 bitcoins, intended for shareholders.

In the wave of sales, Switzerland reported on Friday: the large bank BBVA opened the window for trading bitcoins for its wealthy customers. Goldman Sachs also offers the service for its usually wealthy clientele.

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