Bitcoin (BTC) plummets below $30,000 and hits lowest price in four weeks

Bitcoin (BTC) is trading at US$29,463 this Tuesday morning (20), the lowest price since June 22, according to data from CoinMarketCap.

In 24 hours, the cryptocurrency devalued 6.22%. In the week, the BTC accumulates losses of 11.39%.

In real, according to the Bitcoin Portal Index, the average price of the digital asset on the main exchanges is R$ 156 thousand.

Part of the drop is due to a FUD generated by the unlocking of around 40,000 BTC from a Grayscale fund, which should take place throughout this month of July. The first 16 thousand were released on Sunday (18).

In practice, this means that the shareholders, who had to keep the cryptocurrencies ‘trapped’ for six months because of the contract, will now be able to sell them.

This event, according to analysts at JP Morgan, could bring prices down, as the manager is the largest custodian of cryptocurrencies in the world.

China and regulation

In addition to the fear generated by the release of Grayscale, Bitcoin still suffers from China’s crackdown on the use and mining of cryptocurrencies.

In total, six provinces banned the activity. The last was Anhui, who cited the lack of energy as a justification for the measure.

To add more ingredients to the FUD soup, regulators around the world have put even more pressure on the sector, in particular the brokerage firm Binance, which has become a target of financial supervisors in several countries.

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