Why bitcoin briefly crashed under $30,000 after China’s crypto crackdown: CNBC After Hours – CNBC


CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’s Kate Rooney explains bitcoin’s wild ride after Chinese regulators cracked down on crypto mining. Plus, the Biden administration says it could fall short of an ambitious goal—getting 70 percent of Americans at least partially vaccinated against Covid-19.

Bitcoin drop below $30,000 sparks fears of another crypto winter — here’s why bulls aren’t worried

Bitcoin’s brief drop below the symbolic price threshold of $30,000 on Tuesday has reignited talk of a crypto winter. It doesn’t help that cryptocurrencies like dogecoin, XRP and others saw sharp drops in the last 24 hours.

But experts tell CNBC that bitcoin’s fundamentals are good, and the market conditions in 2021 are very different than the last big crypto crash in 2018.

“We are far from a bear market, only traders are freaking out over technicals seen on exchanges like volumes and price action,” said popular on-chain analyst and statistician Willy Woo.

Biden administration says it will fall short of its Fourth of July vaccination goal

The Biden administration said Tuesday that it likely won’t hit President Joe Biden’s goal of getting 70% of American adults to receive one vaccine shot or more by the Fourth of July.

White House Covid czar Jeff Zients said the administration has met its 70% target for people 30 and older and is on track to hit it for those 27 and older by July 4. Zients said U.S. officials are working with state and local leaders to reach younger people.

“We think it’ll take a few extra weeks to get to 70% of all adults with at least one shot with the 18- to 26-year-olds factored in,” he said.

Still, Zients insisted the White House has “succeeded beyond our highest expectations” in its vaccination program, achieving a vision put forth by Biden in March of being able to safely gather with friends and family to celebrate the holiday.

GameStop stock jumps after the original meme stock cashes in again with $1 billion share sale

GameStop shares climbed after the video game retailer said it sold 5 million additional shares, raising $1.13 billion in capital to accelerate growth.

The original Reddit-favorite meme stock jumped as much as 12.7% Tuesday after the company announced the completion of its at-the-market equity offering program that was initially disclosed on June 9. By afternoon, the daily gain was 10%. GameStop said it will use the proceeds for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet.

This is the second stock sale that GameStop has conducted since the company became a star on Reddit’s WallStreetBets forum, where retail traders aimed to push stock prices higher and squeeze out short-selling hedge funds. GameStop sold 3.5 million additional shares in April and raised $551 million.

You May Also Like

About the Author: Kate