Bitcoin drops below 32k in weekend trading

As reported here on Friday, Bitcoin took another hit following the repeat comments from the Chinese premier regarding their determination to clamp down on the lead cryptocurrency, both in terms of mining and trading. That news was reported on here at the time, as Bitcoin slumped below 40k once again. The price action over the weekend has been mixed, with some modest rebound on Saturday not really achieving much and subsequently reversed sharply today. Bitcoin was unable to sustain any recovery back above 38k and the fall back today has extended below 32k. The further drop this weekend is certainly no surprise here, and given all the news last week it would have been a miracle had it not unfolded that way. Bitcoin has traded to as low as 31,132 so far, but it is not much above that low right now. The risk of the price surpassing the low point seen last week (30,016) is clearly as elevated as it probably could be. Bitcoin is just now trading at 31,725