Bitcoin plunges below $30,000 for the first time since January

Bitcoin Plunge

The price of Bitcoin dropped to a new low in 2021, dipping below the long-held support at $30,000 on Tuesday. This means the world’s most valuable cryptocurrency has hit its lowest level since January 28.

More interesting is the fact that the decline has brought the year-to-date gain down to just 3%.

BTC hit $28,600 per unit today morning, shedding more than 10% in value over the last 24 hours. The drop comes a day after the People’s Bank of China ordered the country’s major financial institutions to stop facilitating crypto transactions.

That signaled the end of the four-week long consolidation between $30,000 and $40,000, with the market now looking south with the demand side pressures weaking due to this development.

Market capitalization of the world’s most popular digital coin is now less than $600 billion — down from the highs of a trillion or so that it had hit not too long ago.

Bitcoin peaked above $64,000 in mid-April, and has looked down since. It fell by 35% in May on the back of concerns regarding the negative environmental impact of cryptocurrency mining. Then came the renewed regulatory crackdown in China.

At the time of publication, BTC rests above $32,246.

And its dominance among all 9,000+ coins is now around 46.9%, while Ethereum commands 17.4% of the entire $1.2 trillion crypto market valuation. Speaking of which, Ether is also down 13% on Tuesday, and is currently trading for $1,742 per unit.

ETH has lost a whopping 29.40% over the last seven days.

While Bitcoin is down 8% on a 24-hours basis, other major coins like XRP and Cardano are nursing losses between 10% and 20%. Dogecoin, the joke cryptocurrency is trading even lower at minus 25% and can be had now for as little as $0.19.


The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Crypteligence.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.


Leave a Reply