• 138
  • 39
  • Favorite

Bitcoin breaks below $30,000 for first time since January and 'it is likely we may see more panic in the market'

Dow Jones2021-06-23

Crypto market wipes out $1.3 trillion since May peak

Bitcoin, the world's No. 1 cryptocurrency, fell to its lowest level since January on Tuesday, extending a price drop that has wiped out more than $1.3 trillion in market value for the broader crypto complex since a peak in May.

After falling as low as $29,083 on Tuesday morning, bitcoin was changing hands at nearly $32,000 by Tuesday evening, according to CoinDesk data. The day's nadir marked its lowest price and its first breach of the psychologically significant $30,000 level since January, according to Dow Jones Market Data. Bitcoin is down more than 50% from its mid-April peak, paring its year-to-date gain to 10.4%.

Ether coin on the Ethereum blockchain, the No. 2 most valued crypto, was deepening a slide below $2,000 and trading at $1,874 on Tuesday evening. Ether is down about 60% from its peak, though it is up 150% on the year to date.

"Bitcoin has violated an important support level and it is likely that we may see more panic in the market as investors will think that it may be the end of Bitcoin," wrote Naeem Aslam, chief market analyst at AvaTrade in a Tuesday note.

"But investors should remember that Bitcoin is a kind of asset which has fought many similar pessimistic views many times. The current sell off could be the opportunity for many investors to load their portfolio with Bitcoin which is selling at a huge discount," the analyst wrote.

Meanwhile, dogecoin, the popular meme asset, was changing hands at around 19 cents, 2 cents above its daily low and down 75% from its early May peak.

The decline for the crypto has been attributed to regulatory action by China, where regulators have imposed restrictions on digital mining and trading of crypto in the People's Republic.

Crypto's price correction also comes as traditional markets are trying to recover from a brutal selloff last week. The Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index saw a powerful rebound from last week's slide on Monday as digital assets sank, leading some analysts to speculate that bitcoin might be experiencing a rotation out of the crypto and into equities.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment39

  • weixinpr
    ·2021-06-23
    ?
    Reply
    Report
  • SKCraft
    ·2021-06-23
    Hooray
    Reply
    Report
  • Stevenzt
    ·2021-06-23
    oh
    Reply
    Report
  • jjj888
    ·2021-06-23
    Hodl? 
    Reply
    Report
  • skyel
    ·2021-06-23
    Time to accumulate 
    Reply
    Report
  • syap
    ·2021-06-23
    Further downside to be seen...dyodd
    Reply
    Report
  • 可乐Coke
    ·2021-06-23
    Bull or Bear...hmm
    Reply
    Report
  • yvneyng
    ·2021-06-23
    Reply
    Report
    Fold Replies
  • Ckee
    ·2021-06-23
    Wahhh how ????? Crash 
    Reply
    Report
  • theloy
    ·2021-06-23
    Come back after panic sell. 
    Reply
    Report
  • Siang1314
    ·2021-06-23
    Wow 
    Reply
    Report
  • Deonc
    ·2021-06-23
    Be patient. Please like and comment. Tq
    Reply
    Report
    Fold Replies
    • Oddleo
      Ok
      2021-06-23
      Reply
      Report
  • DesmondPoh
    ·2021-06-23
    BTC bull or bear? 
    Reply
    Report
    Fold Replies
    • keaty
      after this hyped.... where then
      2021-06-23
      Reply
      Report
  • chickbelly
    ·2021-06-23
    Good
    Reply
    Report
  • wallflowere
    ·2021-06-23
    Don't panic. Keep calm and carry on.. like n comment pls
    Reply
    Report
    Fold Replies
    • chickbelly
      Done
      2021-06-23
      Reply
      Report
    • KinKat
      done
      2021-06-23
      Reply
      Report
  • neosg
    ·2021-06-23
    Buy the dips!
    Reply
    Report
    Fold Replies
  • Sorrie2u
    ·2021-06-23
    Just buy and wait 3 yrs... 
    Reply
    Report
    Fold Replies
  • Jellywonka
    ·2021-06-23
    Ok
    Reply
    Report
    Fold Replies
    • Sorrie2u
      lol
      2021-06-23
      Reply
      Report
  • lili0
    ·2021-06-23
    Buy the dip
    Reply
    Report
  • Johnlimwt
    ·2021-06-23
    Tell me your opinion about this news...
    Reply
    Report
    Fold Replies
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial