Bitcoin’s sell-off accelerated yesterday, sending it below $30,000 for the first time in nearly a month, and dragging other cryptocurrencies down.
The largest cryptocurrency fell about 6 percent and was traded at about $29,700 in the morning in London, and other cryptocurrencies, including “Ether”, which ranks second, fell about 9 percent, while “Ripple” fell 10 percent, according to data. «CoinDesk».
About $100 billion from the entire cryptocurrency market was wiped out within 24 hours, according to CoinMarketCap data.
Some traders considered $30,000 as a major support level that could open the way for more losses if broken, and more significant declines could upset the cryptocurrency market and exacerbate a broader outflow of risky assets such as stocks, at a time when global stocks are falling due Fears of slowing economic growth and the continued spread of the delta variant of the coronavirus.
“We will need to form another base first before resuming another uptrend… We will be between $20,000 and $40,000 for the rest of the year,” said Vijay Mayo, head of Asia-Pacific at Singapore-based cryptocurrency exchange Luno.
The accounts that pushed Bitcoin to a record high in mid-April of nearly $65,000 are now being questioned. Some have argued that the digital asset could act as a hedge against inflation due to limited supply, but Bitcoin’s 2 percent advance this year lags the S&P 500’s 13 percent.