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Crypto crash: why has Bitcoin dropped so low?

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Bitcoin dropped below the price of $30,000 for the first time since January 28.

Bitcoin dropped below the USD$30,000 mark for the first time since late January before pulling back above the mark to settle at around the USD$33,000 mark.

The dramatic drop comes just days after Chinese officials moved to prevent financial institutions from facilitating transactions that involve digital coins.

Just a few months ago, Bitcoin was hitting record highs… but fell substantially after global concerns were raised about the environmental impacts of the coin.

It spent a little more than three months rising exponentially, and it has now spent a little less than three months falling exponentially

Eric Diton from The Wealth Alliance says “what determines the value of Bitcoin is acceptance and more demand and supply.

He continues noting “when you have a country like China come out against Bitcoin, that really hurts its global acceptance and that’s why you’re seeing the value deteriorate.”

Is there a lot of fear surrounding bitcoin?

Bitcoin is in a free fall – tumbling to a two-week low amid an intensifying cryptocurrency crackdown in China.

China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.

Bitcoin is now down more than 50 per cent from its record high.

CLOSE OF MARKET TUESDAY (WALL STREET JOURNAL)

Bitcoin was priced at 30,000 at the beginning of the year, and while is has recovered a bit, publicly traded companies like Coinbase and Tesla have learned what a rollercoaster cryptocurrency can have.

The original cryptocurrency has formed a death cross, meaning its average price over the last 50 days fell below that of its 200-day moving average.

Dogecoin is enduring its ninth straight day of losses, with its currency losing the hype of the joke.

“There’s just a lot of fear, and when there’s fear, people sell risky assets. I do think that Bitcoin’s still perceived as a risk-on asset,”

Meltem Demirors, chief strategy officer at CoinShares, said on Bloomberg’s “QuickTake Stock” streaming program.

The world’s largest cryptocurrency by market value is still up about 11 per cent year to date, according to Coin-Desk 20 data

Meanwhile, GameStop shares rose 10 per cent after the videogame retailer sold more than $1 billion in fresh shares.

Crypto

North Korea bears the brunt of the crypto market crash

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The crypto market crash is impacting North Korea’s weapons programme

The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.

The isolated country relies on stolen crypto to fund part of their weapons program.

But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.

KCNA

North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.

Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.

Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.

Katerina Kostakos contributed to this report

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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