Why bitcoin briefly crashed under $30,000 after China’s crypto crackdown

0
76

MacKenzie Sigalos from CNBC.com brings you the top business news headlines for the day. On today’s show, CNBC’s Kate Rooney explains Bitcoin’s wild ride after Chinese regulators cracked down on crypto mining. Also, the Biden government says it could miss an ambitious goal – to vaccinate 70 percent of Americans at least partially against Covid-19.

Bitcoin drop below $ 30,000 raises fears of another crypto winter – that’s why bulls aren’t worried

Bitcoin’s brief drop below the symbolic price threshold of $ 30,000 on Tuesday rekindled talk of a crypto winter. It doesn’t help that cryptocurrencies like Dogecoin, XRP, and others have fallen sharply in the past 24 hours.

However, experts tell CNBC that Bitcoin’s fundamentals are good and that market conditions in 2021 will be very different from the last major crypto crash in 2018.

“We are far from a bear market, only traders freak out about technical data on the exchanges such as volume and price movements,” said the popular on-chain analyst and statistician Willy Woo.

Biden’s government says it will miss its July 4th vaccination target

The Biden administration said Tuesday that it is unlikely to meet President Joe Biden’s goal of getting 70% of American adults to receive one or more vaccinations by July 4th.

White House Covid Tsar Jeff Zients said the government has hit its 70 percent target for people 30 and older and is well on track to hit it by July 4th for those 27 and older. Zients said U.S. officials are working with state and local leaders to reach out to younger people.

“We believe it will take a few more weeks to reach 70% of adults with at least one vaccination, including those aged 18-26,” he said.

Even so, Zients insisted that the White House “exceeded our highest expectations” in its vaccination program and achieved a vision for Biden in March of safely gathering friends and family to celebrate the holiday.

GameStop stock bounces after original Meme stock was cashed back with a $ 1 billion stock sale

GameStop shares rose after the video game retailer said it sold 5 million additional shares and raised $ 1.13 billion in capital to accelerate growth.

The original Reddit favorite meme stock rose up to 12.7% on Tuesday after the company announced the completion of its stock offering program, first published on June 9, on the stock exchange. In the afternoon the daily gain was 10%. GameStop said it will use the proceeds for general corporate purposes, as well as investing in growth initiatives and maintaining a strong balance sheet.

This is the second stock sale GameStop has made since the company became a star on Reddit’s WallStreetBets forum, where retailers aimed to drive stock prices soaring and crowd out hedge fund short sales. GameStop sold 3.5 million additional shares in April, raising $ 551 million.