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Bitcoin barely holding above $30K as cryptocurrency selloff picks up steam

Bitcoin barely holding above $30K as cryptocurrency selloff picks up steam


Seeking Alpha
2021-06-22 12:23:06
Bitcoin barely holding above $30K as cryptocurrency selloff picks up steam

Down more than 5% today to $30.4K, bitcoin (BTC-USD) is among the better performers in a continued broad-based liquidation in the cryptocurrency world. Ether (ETH-USD) is down 6%, but pretty much everything else is lower by double-digits.Dogecoin (DOGE-USD) is down 21%, Binance Coin (BNB-USD) -16%, Cardano (ADA-USD) -16%.To get an idea of the excesses that still need to come out of the crypto market, consider Dogecoin - a crypto of no value, no matter how many times Elon Musk tweets about it. At $0.18, it's off about 75% from its all-time high, but still up several hundred times from late last year. Its market cap is $23.6B.In a crashing bubble, any news will do, and this week it's the growing crackdown coming out of Beijing, with bitcoin miners in China reportedly being forced to shut down operations, and the PBOC ordering banks to stop dealing in crypto.Bulls point out that miners will simply migrate to

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