You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Bitcoin drops below $30 000 for first time since January

The original cryptocurrency has lost roughly 50% from its mid-April high of around $64 000, leaving it up just 5% for the year.
Image: Angel Garcia/Bloomberg

Bitcoin’s decline amid a crypto crackdown from China has pushed it below $30 000 for the first time since January, nearly pulverising its entire 2021 gain.

The original cryptocurrency has lost roughly 50% from its mid-April high of around $64 000, leaving it up just 5% for the year. That compares with a 12% gain for the S&P 500 since the end of December. The coin started 2021 trading around $29 000.

It’s a remarkable comedown for the digital asset which just weeks ago was trekking higher amid a warmer embrace from Wall Street as well as retail investors. But negative press about its energy use, brought on largely by Tesla Inc.’s Elon Musk, as well as a clampdown from China have pushed it lower in recent weeks.

Bitcoin last traded below $30 000 at the end of January. That support level held steady during a selloff last month that saw it wipe out roughly 35% for the month of May.

© 2021 Bloomberg

COMMENTS   2

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

“But negative press about its energy use, brought on largely by Tesla Inc.’s Elon Musk, as well as a clampdown from China have pushed it lower in recent weeks.” Anyone who really believes the “energy concerns” narrative is a fool.

On the West (US) Mr. Musk does his bit and on the East (China) they do it very direct.

Do you think that the US , EU or China governments like BTC?

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:
Click a Company: