Most investors in the crypto market are currently having a sour time as the crypto market whipsawed most of their earnings after a wave of negative macros that include Chinese officials cracking down on Crypto assets.
Bitcoin, the pioneer crypto fell as low as $30,000 during the week before rebounding to as high as $41,800. The crypto almost struck below $30,000 earlier in the week, after ending May 14 at above $49,000.
The world’s most popular crypto lost about $400 billion in value after, breaking below a trillion dollars to trade around $68 billion.
The bears are hammering hard on crypto assets with recent macros revealing one of the highest levels of the Chinese government, China’s Financial Committee issued a statement on curbing the world’s biggest Bitcoin mining hub triggering the flagship crypto to fall as low as $33,000 on Friday with investors reacting negatively to this news.
In a meeting headed by its Vice Premier Council Liu, the Chinese authorities further discussed strict anti-crypto regulations, suggesting the crypto market will face more headwinds as over 1.5 million traders got liquated in the past week, amid high price swings in play.
At the time of writing this report, the flagship crypto traded at $36,718.65 posting a weekly loss of about 26% with profit-taking intensified among retail investors. Recall that the dreadful week began when Elon Musk, the powerful tech billionaire, said Tesla was no longer accepting Bitcoin amid social media outrage that left many investors astonished.
A few days after it emerged that the U.S Treasury might issue a framework that requires crypto transactions of at least $10,000 to be reported to the Inland Revenue Service.
However, current price actions reveal that the bullish run is still in play with institutional investors buying from the dip. The most recent data from Coinalyze postulates that Spot Crypto exchange volumes surpassed $5.6 billion in four hours, which is high even for a 12% price movement.
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