Bitcoin has dropped to its lowest since early 2021 and is trading below $ 30K. This is evidenced by the data of the exchanges.
As of 14:00, the bitcoin rate was $ 29,763, which is 3.3% below the closing level of the previous session. Over the past three months, the cryptocurrency has lost almost 50% in value.
how writes MarketWatch, the fall in the rate of the main cryptocurrency is facilitated by the unwillingness of investors to take risks in the financial markets. This is due to growing fears of weakening global economic growth due to the spread of a new strain of the delta coronavirus.
According to analysts, among other key factors behind the fall in the bitcoin rate is the introduction of a ban on cryptocurrency trading in China. In June of this year, the Central Bank of the country demanded that local financial companies identify users who have accounts on cryptocurrency exchanges or trade cryptocurrencies on the OTC market, and close them the opportunity to pay for cryptocurrency transactions or receive funds from such transactions.
Other cryptocurrencies are also falling in price amid falling bitcoin. Ether (Ethereum) fell 3.6% to $ 1,754.5.