Look out below: Bitcoin falls through $30,000
The Bitcoin selloff continued on Tuesday, with the world’s largest cryptocurrency sinking below $30,000 for the first time since January.
Bitcoin’s decline amid a crypto crackdown from China has pushed it below $30,000 for the first time since January, nearly pulverizing its entire 2021 gain.
The original cryptocurrency has lost more than 50% from its mid-April high of almost $65,000, leaving it up marginally for the year. That compares with a 12% gain for the S&P 500 since the end of December. The coin started 2021 trading around $29,000 following a fourfold increase in 2020.
“Any meaningful break below $30,000 is going to make a lot of momentum players to throw in the towel,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Therefore, even if Bitcoin is going to change the world over the long-term, it does not mean it cannot fall back into the teens over the short-term.”