Bitcoin drops below $30,000 for first time since January

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News from the crypto world, is not a good one, and as china’s latest crackdown on cryptocurrency’s. Weighed bitcoin has fallen to below $30,000 for the first time in nearly five months, the world’s biggest cryptocurrency and most popular one also fell to 29 614, its lowest since January of 27.

Bitcoin has lost more than 50% from mid-April. High of almost $65,000 exchanges were effectively pushed out of china by 2017 rule change, but over-the-counter platforms based overseas. They have sprung up to act as middlemen, receiving payment from people based in China and buying cryptocurrencies on their behalf.

Beijing has sharply overall put pressure on cryptocurrencies in the past few weeks. Since china’s, state council or cabinet said last month, it would tighten restrictions on bitcoin trading and mining.