Bitcoin crashes below $30,000

Bitcoin has fallen below the key level of $30,000 today after the cryptocurrency faces an intensifying crackdown in China.

The coin is currently trading at $29,906, a five-month low.

“Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people’s wealth,” the PBOC said.

Meanwhile Tesla billionaire Elon Musk is back to tweeting about cryptocurrency.  He responded to a tweet from Ross Nicoll, one of dogecoin’s core developers, about the new fee reduction code for the meme-based cryptocurrency.

“This is an important improvement,” Musk said.