Bitcoin’s Drop Closer to $30,000 Stirs Fears of a Deeper Selloff

Bitcoin’s Drop Closer to $30,000 Stirs Fears of a Deeper Selloff

(Bloomberg) -- Bitcoin's slide toward $30,000 amid China's continued cryptocurrency crackdown is stoking fears of a deeper selloff.

Bitcoin fell as much as 4.3% and was trading at about $32,240 as of 9:08 a.m. in Hong Kong. Second-ranked Ether slipped 4.2% at one point and the wider Bloomberg Galaxy Crypto Index some 5.7%. The sector is under pressure after the People's Bank of China said Monday it had summoned officials from its biggest banks as well as AliPay to a meeting to reiterate a ban on cryptocurrency services.

Read more: China Calls Top Banks to a Meeting to Reinforce Crypto Ban