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On Thursday, July 8, bitcoin (EXANTE: Bitcoin) accelerated its slide to fall below the $33,500 line. As of press time, the largest cryptocurrency is trading at $33,240.14 (-4.37%), according to Nomics.

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Bitcoin Slides to $33,250

Ether is down by 6.83% to $2,220, while binance coin (BNB) is losing 4.24% at the $319 mark.

FxPro's team of analysts notes it is difficult to say how long this situation will last, since "it is obvious that the miners expelled from China will try to launch their computing power in new territories as soon as possible."

"This is probably one of the reasons why the market is now in the summer calm, as investors want more understanding of what is happening with a single physical metric in relation to the reference cryptocurrency," the analysts added.

South Korea Investigates 33 People Over Illicit Crypto Transactions

Earlier, Visa announced that holders of its crypto-linked cards spent over $1 billion in the first half of 2021. The payment giant added it is partnering with 50 of cryptocurrency platforms on card programs.

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