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Bitcoin drops below $30,000, leaving the market shocked

Bitcoin’s crazy recent fluctuation scares the investors. The price has started dropping gradually and reached below 30,000 U.S. dollars.

Bitcoin fell below the trading range of the past four weeks. It may become the most prominent cryptocurrency to fall further.

As of press time, the trading price of the cryptocurrency is approximately $29,998. The current price is roughly a 5% drop from the past week.

The recent decline is due to investors’ concerns about the impact of the Delta variant on the economic recovery.

On Monday, US airlines, cruise lines, and energy stocks all dived.

Long-term bond interest rates also continue to decline. It shows that fixed income investors are now more worried about the economic slowdown than worrying about rising inflation.

The Dow Jones Industrial Average plummeted by about 725 points or 2.1%. The S&P 500 index closed down 1.6%, and the Nasdaq index fell 1.1%.

Asian markets followed the decline on Tuesday, and Japan’s Nikkei 225 index fell nearly 1%.

Hong Kong’s Hang Seng Index fell by 0.8%. Korea Composite Index fell by 0.4%, while China’s Shanghai Composite Index was flat.

After hitting an all-time high of $65,000 in mid-April, Bitcoin’s price has plummeted by more than 50%.

After reaching an all-time high of close to US$65,000, the world’s largest cryptocurrency has been stuck between approximately US$30,000 and US$40,000 for several months.

Bitcoin has suffered many setbacks recently. China’s regulatory crackdown, partly due to concerns about the high energy consumption of crypto miners and the central bank’s digital currency project that may squeeze the progress of private tokens, had a massive influence on the price.

How are other crypto coins doing?

Elon Musk, calling himself “Dogefather,” recently changed his Twitter profile picture to the picture of Doge reflected in his sunglasses.

Yesterday, the price of the meme coin rose as a result. However, it failed to maintain today’s gains because its trading price fell by more than 5% to $0.16.

Cardano, XRP, Litecoin, Uniswap, and other digital tokens have also plummeted by more than 5% in the past 24 hours.

Potential selling ahead?

Ayyar stated that it might be necessary for Bitcoin to fall below US$30,000. He said that the sell-off might go lower to test the US$22,000 to US$24,000 level.

Since then, Bitcoin can be traded within a range.

Chu of Kinetic Capital also sees a potential sell-off in the future.

The momentum of the crypto market in the first quarter has stalled. It is likely to be reversed further below the $25,000 level.

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