Bitcoin may tumbled below $30,000 in 2021

Bitcoin tumbled below the US$40,000 mark on Wednesday to a three-and-a-half-month low and dragged down the prices of other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.

Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from China sent it as low as US$38,514, for a nine per cent fall.

The cryptocurrency has tumbled nearly 40 per cent from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.

Source: globalnews.ca and CNA 24/7 breaking news