A photo illustration depicting the cryptocurrency bitcoin.
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The price of bitcoin fell below the key level of $30,000 Tuesday, turning negative for the year, before rebounding all the way back. We asked five experts to gauge what the real money is doing from here with crypto.
The bull case is getting complicated after the crypto has been cut in half from it’s all-time high following a further crackdown on mining operations by the Chinese government. China also furthered an order for financial institutions to de-risk cryptocurrency businesses.
Keep in mind, however, the notoriously volatile crypto asset is no stranger to major pullbacks, and negative market reactions to crypto crackdowns in China – which was home to 65% of bitcoin miners before the Chinese government shut them down Monday – is a regular event. While sentiment is bearish today, some people are still optimistic about bitcoin’s long-term value.
Here’s how the pros are navigating the price action.