The last time bitcoin saw a decline of this magnitude was March 2020 at the height of the Covid pandemic. So far this year, there have been 39 days with daily swings of 5% or more in either direction, based on bitcoin's closing prices. Meanwhile, Chinese authorities have vowed to crack down on mining and trading of the cryptocurrency. Bitcoin's 31.1% intraday decline was the fourth-largest drop on record for the cryptocurrency, according to data from Cornerstone Macro. "It is too early to call the end of the recent bitcoin downtrend."
