Bitcoin rises sharply after falling below $30k

July 21, 2021

Bitcoin rises sharply after falling below $30k
The value of the first cryptocurrency is again close to $31,000, although yesterday it was down to $29,200.

On the morning of July 21, the price of bitcoin on the cryptocurrency exchange Binance reached $ 30.9 thousand. As of 9:50 Moscow time the first cryptocurrency is trading at $ 30.8 thousand. Over the past 24 hours, it has risen by 3.8%. Yesterday, the value of the asset was down to its lowest since 22 June at $29.2k.

Bitcoin price is under pressure amid negative news from China. On July 14, Anhui province imposed a total ban on mining. Also in June, four Chinese regions banned cryptocurrency mining and instructed Chinese banks and financial institutions not to engage in transactions involving digital assets.

This led to another recalculation, with the complexity of mining falling to its lowest since January 2020 at 13.67 trillion hashes (T). Since mid-May, when network complexity reached an all-time high of 25.05 T, the drop has reached 45%.

Earlier, CEO of investment company DoubleLine Jeffrey Gundlach predicted the collapse of bitcoin to $23 thousand. According to Gundlach, this is indicated by a technical signal "head and shoulders", which was formed on the chart of the cryptocurrency rate.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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