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.

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