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The cryptocurrency Bitcoin fell 5.17% to $ 33,226 yesterday, Thursday, after losing around $ 1,810 from its previous closing price, with increasing selling pressure.
The world’s largest and most sought-after cryptocurrency has fallen 48.8% from its high of $ 64,895 this year, reached on April 14.
Ether, which is linked to the Ethereum blockchain, fell 7.28% to $ 2,110 yesterday, a loss of around $ 166 from its previous closing price.
Bitcoin prices recorded their largest percentage decline in the second quarter, weighed down by Chinese crackdown and fears that the US Federal Reserve would start cutting its stimulus program.
A historically strong quarter started on a positive note, with Bitcoin hitting a record high of $ 64,800 as the largest cryptocurrency exchange Coinbase approaches, debuting on the Nasdaq on April 14. However, momentum halted in the following weeks as retail investors struggled to support the stock following a massive sell-off by major investors.
However, traders expect buyers to remain active above the $ 30,000 support level as sentiment improves. The positive news may limit negative moves after the volatile first half of the year, and concerns about tight regulatory measures appear to have eased, especially with the number of individuals trading stable “Bitcoin” after falling for 10 consecutive days.
This drop is mainly due to China’s shutdown of many cryptocurrency mining operations in the country.
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