As Bitcoin Drops Below $30,000, $100 Billion is Wiped Off The Crypto Market

Over $100 billion wiped off the crypto market as bitcoin drops below $30,000, dragging altcoins lower.

  • Bitcoin fell below $30,000, dragging other digital coins lower.

  • Nearly $100 billion was wiped off the entire crypto market in 24 hours, according to CoinMarketCap data.

According to CoinMarketCap data, around $100 billion was wiped off the whole crypto market in 24 hours on Tuesday. As a result, Bitcoin was down more than 6% while Ether plunged nearly 9%.

Bitcoin is falling. Crypto market crash
Image by itsblockchain

This market crash comes amid a big sell-off in global stock markets. According to the Dow Jones Industrial Average, it had its worst day since last October.

Annabelle Huang, a partner at crypto 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 about the quality and strength of the economic recovery, and broader risk assets turned weaker, including high yields. Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.”

Also, Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital commented on the market. he said,

“All signals are red as BTC (bitcoin) continues to be weighed down by China’s ultimate crypto ban and worsening macroeconomic conditions from a surge in covid variants.”

Regulators around the world are also looking more closely at the crypto space. Last month, Binance, the world’s largest crypto exchange was barred by U.K. authorities from carrying out any regulated activities in the country. Also, regulators in Japan, Thailand, and Italy have also issued warnings about Binance.

At the time of writing, Bitcoin is trading at $29,823.91 USD with a 24-hour trading volume of $23,798,578,184, according to CoinMarketCap.