Bitcoin slips below $ 30,000, wiping out 2021 gains

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Bitcoin was on track to close below $ 30,000 a coin on Tuesday for the first time this year.

Bitcoin, the largest cryptocurrency by market cap, fell 4.6% to $ 29,393 a coin. It hasn’t closed below $ 30,000 since Dec. 31.

“The latest sell-off in the cryptocurrency space sees heavyweights Bitcoin and Ethereum touching significant support levels that are becoming increasingly fragile,” said Nicholas Cawley, analyst at DailyFX. “The lack of a rebound over the past three weeks suggests traders are no longer interested in ‘buying down’.”

Tuesday’s sale comes a day after a large sell-off of risky assets and as Treasury Secretary Janet Yellen called on regulators to create a regulatory framework for stablecoins, which are backed by a reserve asset like the dollar. American. Stablecoins offer holders the privacy of cryptocurrencies and the stability of fiat currencies.

The price of Bitcoin had spent the previous two months rebounding between $ 30,000 and $ 40,000 after the Chinese government in May caused a sell-off after calling for a crackdown on cryptocurrency mining.

The price of bitcoin has jumped 116% this year, reaching $ 63,503 a coin in April, as a number of US companies, including MicroStrategy and Tesla, began investing in cryptocurrency as a means of diversifying. their cash.

Analysts say the bearish bitcoin market still has room to function.

JP Morgan analysts said last month that Bitcoin’s share of the crypto market is expected to rise above 50% before becoming more comfortable with the end of the sale.

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Tuesday’s sale reduced Bitcoin’s market cap to $ 555.6 billion, or roughly 46% of the $ 1.2 trillion crypto universe.

Bitcoin’s market cap in April reached over $ 1.1 trillion, or 70% of the crypto space.

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