Bitcoin and cryptocurrency prices have suddenly crashed lower, falling sharply after weeks of malaise.
The bitcoin price dropped under the closely-watched $30,000 per bitcoin level as smaller cryptocurrencies including ethereum, Binance’s BNB, cardano, Ripple’s XRP and the meme-based dogecoin recorded double-digit percentage losses, wiping away $200 billion in value over the last week.
Sign up now for CryptoCodex—a free, daily newsletter for the crypto-curious that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekdayMORE FROM FORBESCoinbase CEO Hits Back At Dogecoin Creator After Attack On ‘Cult-Like’ Bitcoin And Crypto Price CultureBy Billy Bambrough
The bitcoin price is now down well over 50% from its April peak of almost $65,000 per bitcoin, while … [+] other major cryptocurrencies such as ethereum, Binance’s BNB, cardano, dogecoin, and Ripple’s XRP have fallen even further.Getty Images
The crypto market, having tested the $30,000 level repeatedly over the last few weeks, appears to have been spooked by a cease and desist order that was issued to New Jersey-based multi-billion dollar bitcoin financial services platform BlockFi by the New Jersey Office of the Attorney General, the Bureau of Securities last night.
The story, first reported by Forbes, triggered a wave of selling as investors questioned this could be part of a wider crackdown on the myriad of crypto lending platforms that have sprung up over the last couple of years. BlockFi offers interest rates to depositors between 0.25% and 8.5% depending on the crypto asset and deposit size.
CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every dayMORE FROM FORBESCrypto Price Prediction: Bitcoin ‘To Overtake’ The Dollar By 2050 And Soar To $66,000 By The End Of 2021By Billy Bambrough
The bitcoin price has lost more than 6% over the last 24 hours, crashing under the closely-watched … [+] $30,000 per bitcoin level and wiping billions from the combined crypto market capitalization.Coinbase
“Bitcoin has found it challenging to move higher and the upper end of this range has been converging gradually,” Pankaj Balani, the chief executive of the Singapore-based Delta exchange wrote in emailed comments. “Bitcoin failed above $36,000 last week and $33,000 this week. We have also continuously tested the bottom end of the above range which shows weakness in price and opens up the risk of a breakdown below $30,000.”