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“Expect a bloodbath” - Bitcoin drops below $30K for first time since January

CryptocurrencyJun 22, 2021 08:50AM ET
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© Reuters.

By Samuel Indyk

Investing.com – The price of Bitcoin dropped to its lowest level since 28th January on Tuesday, in the wake of more stringent Chinese measures to regulate the cryptocurrency market.

On Monday, China’s central bank, the People’s Bank of China, announced it had summoned some major banks and payments firms, including Alipay, urging them to check client accounts for cryptocurrency transactions and cut their payment channels.

Alipay has confirmed it will set up a monitoring system targeting key websites and account, and blacklist those merchants involved in digital currency transactions.

The latest measures weighed on the major cryptocurrencies with Bitcoin dropping below the key psychological support level of $30,000 which had held since the ‘flash crash’ in late May.

Thoughts from the analysts

Some analysts have argued that dropping below $30,000 could lead to further losses for Bitcoin and other major cryptocurrencies.

“If it goes, expect a bloodbath,” Chief Market Analyst at markets.com Neil Wilson said in relation to the $30,000 level.

Jeffrey Halley, Senior Market Analyst at OANDA also expects further weakness.

“Failure of $30,000 will open the trapdoor to a sub-$20,000 move,” Halley said in an emailed note.

At 13:42BST Bitcoin was trading around $29,500, down 8.5% in the last 24 hours.

“Expect a bloodbath” - Bitcoin drops below $30K for first time since January
 

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Comments (52)
Scott Smith
Scott Smith Jun 23, 2021 7:21AM ET
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Don’t take advice from Neil Wilson.
Zen Cat
LittleZenCat Jun 22, 2021 10:06PM ET
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You know when the headlines like this start coming out its time to build a position
Steven Orr
Steven Orr Jun 22, 2021 2:56PM ET
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well, this article aged terribly.....
Alan Rice
Alan Rice Jun 22, 2021 12:14PM ET
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Bitcoin Target: worthless.
David David
David9 Jun 22, 2021 11:34AM ET
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Because of high inflation coming, people will think to buy Bitcoin, but US will not let like that so I think US will also ban Bitcoin soon... when that happens, I think is game over for cryptos...
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Cristian Mihai Aldea
Cristian Mihai Aldea Jun 22, 2021 11:34AM ET
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Deflation is coming. Deflation. Don't get duped.
Richard Barrett
Richard Barrett Jun 22, 2021 11:34AM ET
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how about mining in another country maybe..would that be possible..?
Reyal Hazeer
reyalhazeer Jun 22, 2021 11:34AM ET
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Richard Barrett banned mining projects in China, shifting to Kazakisthan.
Reyal Hazeer
reyalhazeer Jun 22, 2021 11:34AM ET
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And Pakistan.
Yinlayefa Noro
Yinlayefa Noro Jun 22, 2021 11:34AM ET
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they're all banning the coins becux it ain't benefiting them
DEHKADE SABZ Arvand
DEHKADE SABZ Arvand Jun 22, 2021 11:26AM ET
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There is hope for rising market value
Ric Later
riclater211 Jun 22, 2021 11:14AM ET
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Bubble goes boom. Housing and all other markets next. Then we buy. $$$$
Matt Kay
Matt Kay Jun 22, 2021 11:14AM ET
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housing is crashing up because billionaires buying up all properties paying up to 50% premiums. Future generations will not be able to own anything. Just rent. Thanks billionaires!
Darryl Allen
Darryl Allen Jun 22, 2021 11:14AM ET
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Thank the FED and the government for creating those market conditions by printing money and forcing people to hedge inflation via real assets. Rich people aren't the root of the problem, socialist genius.
Matt Kay
Matt Kay Jun 22, 2021 11:14AM ET
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Darryl Allen  No, rich people are actually the problem as they own everything including the politicians who create said market conditions. And yes, we do need socialism desperately.
Gene Kret
Gene Kret Jun 22, 2021 11:14AM ET
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Darryl Allen you need to pack a bag and get out if the US!
Altair Consulting
OptionsMonster Jun 22, 2021 11:09AM ET
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29K is a major support for BTC. IF broken, 24K looms.
Jacob Steinschlag
Jacob Steinschlag Jun 22, 2021 11:09AM ET
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28,5K to be fair. Also, Binance futures low of May 19 held yesterday.
James Harvey
TheRealGreyGhost Jun 22, 2021 10:51AM ET
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The CCP wont control the world, they wont control banking and they wont stop crypto....
Ric Later
riclater211 Jun 22, 2021 10:51AM ET
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you keep dreaming.
Aux Gold
Aux Gold Jun 22, 2021 10:51AM ET
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Death to the CCP and XI
Bret Lafrance
Bret Lafrance Jun 22, 2021 10:50AM ET
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FUD
whisky noob
whisky noob Jun 22, 2021 10:48AM ET
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Sun Tzu said “Buy High Sell Low”
Gene Kret
Gene Kret Jun 22, 2021 10:46AM ET
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China means nothing. The bounce will happen regardless as all of the Super Companies are heavy into cryto…BUY THE DIP.
James Harvey
TheRealGreyGhost Jun 22, 2021 10:45AM ET
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The chinese have historically gotten assets and money wrong. Check your history. HODL and buy the dip. mining rigs through ebsy from china will be cheap.
Steffen vdm
Steffen vdm Jun 22, 2021 10:44AM ET
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Can't wait for this nonsense investment to disappear. Bring back common sense!
Kaveh Sun
Kaveh Sun Jun 22, 2021 10:43AM ET
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Writers Said the same thing when it went from 20k to 3.5k. I bought at 4.5 and sold at 5 feeling good only to feel like a fool later when it went up to 60k
Zeratul Yeap
Zeratul Yeap Jun 22, 2021 10:38AM ET
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It will go down further to 15k and then rebounce with some good news. I would like to said now is just a retracement. Even gold also having the same pattern
Nityesh Rathi
Nityesh Rathi Jun 22, 2021 10:36AM ET
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fool : have a definition, .... the fool are those human beings who are selling right now .
David Beckham
David Beckham Jun 22, 2021 10:31AM ET
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Buy the dip
Vincenzo Tilotta
Vincenzo Tilotta Jun 22, 2021 10:22AM ET
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Bitcoin will return to its previous highs soon, the US Dollar instead will not, the giant inflation wall the Fed is creating with their infinite currency printing for their chums will make sure of that :-)
Smokey Croata
Smokey Croata Jun 22, 2021 10:22AM ET
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Dollar is dead within 2-5 years. Facts.USA as a whole doesn't look to great either.
Rock Star
Rock Star Jun 22, 2021 10:20AM ET
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Stop spreading fud. Are you guys looking to buy it cheap?
Michael Bolduc
Michael Bolduc Jun 22, 2021 9:54AM ET
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All non-sense , worst case is $20k , and very unlikely, more like 26k and rebound. Biy the dip and get rich .
Kosta Coffee
Kosta Coffee Jun 22, 2021 9:54AM ET
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Spoken by someone whose got way to much skin in the game
Vukota Pejovic
Vukota Pejovic Jun 22, 2021 9:54AM ET
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Kosta Coffee where are you from Kosta???
David David
David9 Jun 22, 2021 9:54AM ET
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The period of diamond hands and to the moon is about to end soon...
Mario tragik
Mario tragik Jun 22, 2021 9:52AM ET
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when i read this sensationalist exaggerated headlines, i know its time to buy.
David David
David9 Jun 22, 2021 9:50AM ET
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All cryptos crashing, next will be AMC and GME, then housing, this is scary...
Ric Later
riclater211 Jun 22, 2021 9:50AM ET
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Finally someone talking sense. Everything is over priced and the reaper is here to collect.
Stelios Stiakakis
Stelios Stiakakis Jun 22, 2021 9:49AM ET
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I think there is too much ignorance in this comment section.
Vincenzo Tilotta
Vincenzo Tilotta Jun 22, 2021 9:49AM ET
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I think there is too much ignorance and FUD in the article itself
 
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