Bitcoin fell below $ 30,000 for the first time since June 22, causing other digital coins to fall as well.
The fall in bitcoin came after a big sell-off in global stock markets. Monday was the worst day for the Dow Jones Industrial Average since October last year.
“There is a wide sell-off in the global markets, and risky assets are shrinking everywhere,” said Annabelle Huang, partner at Amber Group, a cryptocurrency financial services firm.
There are concerns about the quality and strength of the economic recovery and the weakening of assets with broader risks, including high yields. Coupled with the recent weakness in bitcoin, this has led to a further decline in the cryptocurrency market.
Annabel Huang
A drop in bitcoin below $ 30,000 could be the start of a movement towards a mark between $ 22,000 and $ 24,000. So says Vijay Ayyar, head of business development at the Luno cryptocurrency exchange.
Since Bitcoin hit an all-time high of nearly $ 65,000 in mid-April, its price has dropped more than 50%.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
