The price of bitcoin fell below the key level of $30,000 on Tuesday, turning negative for the year, before recovering. We asked five experts to gauge what the real money is doing from here with crypto.
The bull case is getting complicated as the digital currency has lost half of its value since reaching its all-time high. The downturn comes amid further crackdown on mining operations by the Chinese government. China also ordered financial institutions to de-risk cryptocurrency businesses.
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 – are regular events. While sentiment is bearish Tuesday, some people are still optimistic about bitcoin's long-term value.
Here's how the pros are navigating the price action.