A snippet from today's Morning Brew:


  • Bitcoin’s value fell to nearly $30,000 per coin, down from over $50,000 a week ago, before bouncing back to about $38,000.
  • Ether, the second-largest crypto, slid from over $3,350 to about $1,900 before also ticking back up.

During the plunge, both cryptos hit their lowest levels since January, and experienced one-day drops not seen since March of last year—you know, when we thought drinking “quarantinis” was cute and shiba inu owners weren’t stopped on the street because “lol dogecoin.”
Any reason why?

On Tuesday, the People’s Bank of China reminded financial institutions that they cannot conduct business with cryptocurrencies following China’s 2017 ban of bitcoin exchanges. It added that virtual currency is “not a real currency” and called recent surges in the space “speculation.”
Investors interpreted it as an omen of future government regulation on crypto—and not just in China.