The crypto market has again dropped as Bitcoin fell below $30,000 for the first time since June 22, causing other digital coins to fall.
This came after $89 billion if the digital market was wiped off the entire cryptocurrency market in 24 hours as of 6:29 a.m. on Tuesday, according to CoinMarketCap data.
Bitcoin was down more than 5% while it’s rival ether fell over 6% and XRP sank almost 9%, according to CoinDesk data. Even with the plunge bitcoin is up 1.87% for the year. Ether and XRP are both up about 135% for the year.
Since April gaining its new high in April, bitcoin price has plunged over 50%. Also, Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said;
“There’s been a broad sell-off in global markets, risk assets are down across the board,”
There are “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields,” Huang said. “Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.”