For the first time since June 22, the bitcoin rate fell below the $30 mark — the currency not only reached the lowest values for a month, but also negatively affected the rates of other cryptoassets.
According to the CoinMarketCap portal, more than 24 billion dollars were washed from the cryptocurrency market in the last 90 hours. Bitcoin is down more than 6%, Ethereum is down almost 9% and XRP is down almost 11%.
The cryptocurrency's troubles come after a big sell-off in global stock markets, with the Dow Jones industrial average hitting its worst since October last year on Monday. According to market analysts, high-risk assets were sold across the board.
The ban on mining and trading of cryptocurrencies in China also had a significant impact on the price. The main regions responsible for Bitcoin mining in the PRC have forced local miners to shut down due to the energy intensity of mining and transactions, as well as the associated environmental impact and other reasons. In addition, China's central bank has warned finance-related companies against providing customers with any services related to the production and trading of cryptocurrencies.
Restrictions come into force not only in China. Increasingly strict regulation of the cryptoasset market is observed in Great Britain, Japan, Canada, Thailand and other countries. The head of cryptocurrency exchange Luno, Vijay Aiyar, said that the sale of bitcoins could cause them to fall to $22000-$24000. According to his forecasts, in the near future the rate may range from $20 to $000 per bitcoin.
In the near future, the growth of the cryptocurrency rate will not occur
In a previous interview with Stansberry Research, ADVFN CEO Clem Chambers stated that Bitcoin's fall cannot be stopped and also outlined the lower limits to which the world's main cryptocurrency is aiming.
According to him, "Bitcoin winter has already arrived", so the cryptocurrency will not grow in the near future. He added that those who purchased $60 worth of bitcoin will have to wait a very long time to get their money back. Clem Chambers believes that Bitcoin will fall to $000 and at some point may reach $10. However, the cryptocurrency will initially fall to $000.
We are going to $20 for Bitcoin and $000 for Ether. There will be extreme volatility in the market. Traders should be armed to the teeth with tools to combat this madness, but for the investor it's a waiting game. There is absolutely no need for an investor to re-enter the market until the noise and volatility has subsided. This peace will be the bottom and reference point for acquisition.
There were reports that in June of this year, the income of Bitcoin and Ethereum miners almost halved compared to the previous month.
Cryptoinvestor and analyst Lark Davis believes that Bitcoin is still at the beginning of its life, and that the rate of the cryptocurrency will increase many times.
