Bitcoin (BTC) falls below $ 30,000 as the crypto market plunges

The representation of the cryptocurrency Bitcoin is displayed in front of the stock price graph in this figure taken on May 19, 2021.

Daddle Bitch | Reuters

Bitcoin For the first time since June 22nd, we have withdrawn other digital coins to below $ 30,000.

As of 12:29 am EST on Tuesday, approximately $ 98 billion was wiped out of the entire crypto market in 24 hours, according to CoinMarketCap data.

Bitcoin has fallen by more than 6%, ether has fallen by nearly 9%, and XRP has fallen by almost 10%, according to CoinDesk data.

The Bitcoin plunge came after a big sellout in the global stock market. on Monday, Dow Jones Industrial Average That Worst day since last October..

“There is widespread sales in the global market and risk assets are declining overall,” said Annabelle Huang, a partner at crypto financial services firm Amber Group.

“Concerns about the quality and strength of the economic recovery,” Huang said, and “a wide range of risk assets, including high yields, have weakened.” “Combinated by the recent weakness of BTC (Bitcoin), this has further lowered the crypto market.”

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Since Bitcoin hit a record high of $ 65,000 in mid-April, its price has plummeted by more than 50%.

Regulatory scrutiny

Regulators around the world are also looking more closely at cryptospace.

Binance, the world’s largest cryptocurrency exchange, last month Banned by British authorities From carrying out regulated activities in the country. Regulators in Japan, Canada and Thailand have also issued warnings about Binance.

“In general, the focus of regulation on cryptocurrencies and Bitcoin is increasing,” said Vijay Ayyar, Head of Business Development for the cryptocurrency exchange Luno.

Do you sell earlier?

According to Ayyar, it can be important for Bitcoin to fall below $ 30,000, and sell-offs can be low to test levels between $ 22,000 and $ 24,000.

Since then, Bitcoin may be traded to a certain extent.

“I think Bitcoin will be 20-40K ($ 20,000- $ 40,000) for a while before the bulls return,” Ayyar said.

Kinetic Capital Chu also expects potential sales.

“The crypto market momentum in the first quarter has stagnated, threatening a further reversal that could fall below the $ 25,000 level,” Chu said.

Bitcoin (BTC) falls below $ 30,000 as the crypto market plunges

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