Bitcoin in recent weeks had been locked in a relatively tight trading range, after investors sold heavily in May and June following a crackdown by China on cryptocurrency mining and trading.
Bitcoin fell on Tuesday to its lowest in almost a month, slumping below $30,000 as regulators continued calls for tighter checks on cryptocurrencies. The world’s largest cryptocurrency fell as much as 5% to $29,300, its lowest since June 22. It was last down 3.6 per cent at $29,720.
Meanwhile, the Enforcement Directorate (ED) in India has asked crypto platform WazirX to explain “why withdrawal from crypto wallets” is not a violation of the Foreign Exchange Management Act as per a media report.
The ED has asked WazirX to explain transactions worth Rs 2,790.74 crore.