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Bitcoin erases all 2021 gains

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Miguel A. Rodriguez
Miguel A. Rodriguez
22 June 2021
BTC/USD breaks below $30K

Bitcoin’s slump continued, as it fell below the $30K mark, trading at its lowest price since January. Its downward trajectory started after the Chinese government continued its regulatory crackdown on bitcoin miners and companies that offer payment service for crypto-related transactions. The People’s Bank of China announced that the “virtual currency trading activities disrupt the normal economic and financial orders, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.”

Moreover, the Security and Exchange Commission called for stricter regulation on crypto exchanges to protect investors. 

Following the recent losses, Bitcoin slid from its all-time high of more than $64,000 in mid-April.

Sources: coindesk.com, cnbc.com 

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.