Bitcoin Rallies After Dropping Below $30,000 on China Cryptocurrency Crackdown


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Bitcoin recovered from a five-month low on Tuesday in volatile session in which it fell below $30,000 (roughly Rs. 22.28 lakhs), extending losses sparked a day earlier when China’s central bank deepened a crackdown on cryptocurrencies. But its outlook remained tilted to the downside, analysts said. The world’s largest cryptocurrency dropped to $28,600 (roughly Rs. 21 lakhs), its lowest since early January. It was last up 3.7 percent at $32,802 (roughly Rs. 24.3 lakhs), and remains about 13 percent higher so far this year. Cryptocurrency Trading Faces Strict Crackdown in China Bitcoin’s earlier fall also pressured smaller coins such as...