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Bitcoin’s tumble amid a broad crypto crackdown from China has pushed it below $30,000 for the first time since January, pulverising its entire 2021 gain.
The original cryptocurrency has lost more than 50 per cent from its mid-April high of almost $65,000. That compares with a gain of about 12 per cent for the S&P 500 since the end of December. The coin started 2021 trading around $29,000 following a fourfold increase in 2020.
“Any meaningful break below $30,000 is going to make a lot of momentum players to throw in the towel,” said Matt Maley, chief market strategist for Miller Tabak
