Bitcoin bloodbath continues. Hit as low as $30,001.51

Today is a sad day for many crypto investors who were hoping that yesterday’s price drop was just a bump on the road.  Bitcoin has shed more than $10,000 from its $43,000 peak on Monday.

Bitcoin price slump continues. The world’s most popular cryptocurrency is now trading at $32,304.10 as of 8:58 AM ET $31,279.28 as of 9:11 AM ET. The last line of price support for bitcoin is at $31,000. If it breaks the $31,000 support, the next price support is at $10,000.

Update at 9:50AM EST: Bitcoin was down more than 30% on the day to $30,015.02, according to Coin Metrics. It hit as low as $30,001.51 as the selling intensified Wednesday morning. The cryptocurrency hasn’t traded below $30,000 since late January.

If the price drop continues at this rate, the government might need to launch a suicide helpline. About two years ago, a Chinese bitcoin trader committed suicide after losing 2,000 BTC on 100x leverage bet.

What is really going on?

It all started last week when Tesla announced it will no longer accept bitcoin for car purchases over concerns about the environmental impacts. The news sent shock waves to the crypto markets causing bitcoin and other cryptocurrencies to lose over 10 percent of their values in just a few days. The negative news keeps on coming. Now, the crypto market is facing another problem–China.

On Tuesday, three Chinese banking and payment industry bodies issued a statement banning financial institutions not to conduct virtual currency-related business, including trading or exchanging fiat currency for cryptocurrency.

In the end, no matter what happens to bitcoin, the underlying technology behind it is not going away.