Crypto market collapses, wiping out $ 90 billion in 24 hours

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Bitcoin fell below $ 30,000 this morning for the first time since June 22, wiping out nearly $ 90 billion from the crypto market in 24 hours, according to CNBC.

See: 7 Biggest Bitcoin Crashes In HistoryFind: Bitcoin Will Replace Fiat Currency By 2050, Expert Panel Says

This morning, Bitcoin stood at $ 29,700, down 5.1% in the past 24 hours, according to CoinMarketCap. This represents a loss of over 50% from its all-time high of $ 65,000 in April.

Ether, the second largest crypto by market cap was at $ 1,745, down 3.43% in the past 24 hours, according to CoinMarketCap.

The crypto market isn’t the only one hit as the Dow Jones had its worst day since October yesterday, dropping over 700 points.

Growing concerns about the Delta variant and a potential slowdown in the economy are partly to blame.

There is no such thing as a big catalyst, but it is a combination of factors. There are questions about vaccines, we might still have restrictions on consumer behavior, mobility, it’s coming up more and more in the minds of the markets, investment manager James Athey told The Wall Street Journal at Aberdeen Standard Investments. We also saw the summer lull. It’s very calm, so the volumes are lower, the liquidity is thinner.

According to James Butterfill of Coinshares, after a few weeks of entry into Bitcoin, there have been exits over the past two weeks, with exits last week totaling $ 10.4 million.

See: Bitcoin Cash (BCH): The Most Important Things You Need To Know About It Find: Bitcoin Constantly Crashes, But These Investors Won’t Sell Why HODLers Buy The Plunge And Hold On Well

These exits are minimal compared to the large exits seen in May and June of this year, he writes.

Bitcoin volumes have fallen to just 38% of the year-to-date average, totaling $ 3.9 billion per day last week. We don’t think this represents anything to worry about in the market, as we’ve seen similar seasonal drops in volumes over the summer months in recent years, he adds.

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This article originally appeared on GOBankingRates.com: Crypto Market Crash, Wiping Out $ 90 Billion In 24 Hours

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