Bitcoin’s price dips below $30k
The price of the leading cryptocurrency has dropped below the $30k mark for the first time in months. The crypto market has been bearish for the past few weeks. With the latest dip, Bitcoin’s price is down by more than 50% from its all-time high price of $65k.
This is the third time Bitcoin has touched this critical level in a month, but this marks the first time it has broken below the level for the first time in a while. It first touched the $30k level on May 19. It briefly rebounded but soon dropped to the $31k level on May 23. Bitcoin’s price slipped to the $30k region on June 8 again. However, this was immediately followed by a rally towards the $40k region
At the time of this report, Bitcoin is trading at $29,653 per coin. The losses have extended to other cryptocurrencies, with Ethereum declining below $1,800 for the first time in weeks. Despite the recent losses, Bitcoin’s price is still significantly higher than this period last year.
Bitcoin’s latest loss cancels out 2021’s gains
The decline below the $30k mark means that Bitcoin cancelled the gains it recorded in 2021. The leading cryptocurrency began trading at $29,400 at the start of the year, setting multiple highs in the coming months before reaching an all-time high at $64,234 on April 14.
However, Bitcoin’s price began to decline and experience a massive sell-off in the middle of May. Since reaching a new all-time high around $65k two months ago, the leading cryptocurrency’s price is down by over 50%.