Red Day for Investors as Bitcoin Falls Below $30,000
The price of Bitcoin has fallen below $30,000, bringing the losses of the flagship cryptocurrency to 16% in the past week
Other cryptocurrencies such as Ethereum and Dogecoin also suffered huge declines, bringing the loss of the crypto market to $200b since last week
The crypto market has been hugely affected by a crackdown by the Chinese government and other financial governing bodies
Flagship cryptocurrency Bitcoin has lost more than 6% of its value in the last 24 hours as the coin dropped drastically below $30,000.
The world’s number one cryptocurrency is now trading at $29,600, a level last reached on June 22.
The value of the coin had risen to $31,800 on Monday, giving investors hope of recovery before plummeting.
The second-largest crypto asset in the world has also been hit as Ethereum lost more than 8% of its value, dropping to $1750.
Meanwhile, Elon Musk’s pet cryptocurrency dogecoin has crashed by 8.4% to $0.164719.
In the last 24 hours, almost $100 billion has been wiped from the crypto market, which takes the weekly losses above $200 billion.
The latest Bitcoin crash comes after a crash in the global stocks market on Monday.
Since reaching a record high of $64,900 in April, BTC has come sliding down, mostly due to a crackdown on crypto trading and mining in China.
The country has forced major mining facilities to shut down as the government also warned fintech companies against offering crypto services.
Many experts had warned about the dangers of Bitcoin falling below $30,000, as many predict that the coin could be set to fall to levels previously seen in 2020.