At the time of filing this report, Bitcoin was trading below $30,000 posting losses of more than 7% and weekly losses of about 26% for the week.
Recent chart patterns show high selling pressures in play with the pioneer crypto-asset dropping below that critical support level after the crypto asset had fallen beyond its lows during its May crash.
China is currently the major driver behind this record sell-offs, as its recent crackdown on crypto mining coupled with the Chinese central bank’s stern warning to China’s leading banks and payment providers from connecting with Crypto channels weighed heavily on the Crypto market.
Consequently, broader market sentiments reveal the Crypto market horizon is extremely bearish and it could be worse with over $200 billion wiped off the Crypto market in a span of 48 hours.
In addition, leading altcoins like Binance Coin, Ethereum, Polkadot, XRP, Cardano, and Litecoin suffered daily losses of more than 15% amid the recent statement from China’s regulators disclosing its sudden clampdown on Crypto mining around the province of Sichuan a key Crypto hub, where crypto projects are being shut down momentarily.
The global crypto market value currently stands around $1.20 trillion, postings a 9.5% plunge for the day.
Crypto pundits however are not surprised about such sudden drop, taking to account crypto assets are normally known for going violently up and down further hinting their extreme volatile nature.
Chinese regulators also warned that investors should be prepared to lose their investments, as well as indicating stiffer crypto regulation in future impacted the crypto market negatively as investors become increasingly anxious.
This article was originally posted on FX Empire