Bitcoin slides, erasing nearly all 2021 gains, as China’s crackdown continues

Cryptocurrency investors got hammered Tuesday, with losses wiping out more than $100 billion in market value overnight and slashing most of bitcoin’s gains for the year.

The most popular and valuable token fell more than 9 percent before recovering somewhat in the afternoon, briefly sending the digital currency below $30,000, a significant benchmark not seen since January. Though long-term holders are typically better suited to weather the volatility of the cryptocurrency, the prolonged slump has erased most of the astronomical gains built up this year. And those who purchased near bitcoin’s all-time high of $64,000 have seen their investments cut by more than half.