Most investors in the crypto market are having a bad time right now, as the crypto market made most of its profits after a wave of negative macros that saw Chinese officials cracking down on crypto assets.
Bitcoin, the pioneering crypto, fell to $ 30,000 in the week before falling back to $ 41,800. The crypto hit nearly $ 30,000 earlier in the week after ending above $ 49,000 on May 14.
The world’s most popular crypto then lost about $ 400 billion in value and was under $ 1 trillion to trade around $ 68 billion.
The bears are pounding hard on crypto assets. The latest macros reveal one of the highest levels of government in China. The Chinese Finance Committee issued a statement aimed at curbing the world’s largest bitcoin mining hub, which caused the flagship crypto to drop to $ 33,000 on Friday with investors reacting negatively to the news.
In a meeting led by his Vice Prime Minister Liu, Chinese authorities continued to discuss tough anti-crypto regulations, suggesting the crypto market will face more headwinds as it faced more than 1.5 million traders over the past week the high price fluctuations were at play.
At the time of this writing, the flagship crypto was trading at $ 36,718.65, posting a weekly loss of around 26%, with retail profit taking increasing. Recall that the terrible week began when Elon Musk, the powerful tech billionaire, said Tesla was no longer accepting Bitcoin amid social media outrage that amazed many investors.
Days after it was discovered that the U.S. Treasury Department may be issuing a framework requiring crypto transactions of at least $ 10,000 to be reported to the Inland Revenue Service.
However, current price action shows that the uptrend is still in play with institutional investors buying out of the slump. Coinalyze’s latest data posits that Spot Crypto’s exchange volume exceeded $ 5.6 billion in four hours, which is high even with a price movement of 12%.