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Bitcoin slips below $30,000 again; around $90 billion wiped off entire cryptocurrency market in 24 hours

Bitcoin has plunged 54 per cent since peaking to $64,234 on April 14, 2021. (Image: Reuters)

Bitcoin dropped below the $30,000-mark for the first time since June 22, wiping around $90 billion from the entire cryptocurrency market in 24 hours as of 8:54 a.m. IST on Tuesday, according to data from CoinMarketCap.com. Other leading coins were also dragged down. Ethereum declined from $1,824 to $1,730, while Binance Coin dropped from $299 to $261, and XRP declined from 58 cents to 52 cents. Bitcoin was trading at $29,400 at the time of filing this report.

“Though Bitcoin prices were range-bound between $31,000 and $35,000 for the past four weeks, this is the second time in 2021 that it has dropped down below the $30,000 level. This might be attributable to unlocking of shares worth 16,240 Bitcoin on Grayscale Bitcoin Trust (GBTC) yesterday,” Vikram Subburaj Co-Founder and CEO, Giottus Cryptocurrency Exchange told Financial Express Online.

Bitcoin has plunged 54 per cent since peaking to $64,234 on April 14, 2021, largely amid China’s crackdown on Bitcoin usage and mining even as institutional adoption continues to grow.

“We are currently in an accumulation phase for Bitcoin that will see sideways movement for the next few weeks including some drop in value but we are confident of a strong recovery in Q4 2021, possibly towards the previous all-time high of $64,000 and beyond. We note that institutional adoption continues to grow and the market outlook continues to be strong,” added Subburaj.

The drop in Bitcoin prices is also a reaction to the global sell-off across the global markets including the US and Indian stock exchanges. “There is pressure on other coins like Ether and Dogecoin due to some crackdown on crypto miners. These are short-term fluctuations in the market and long-term investors don’t have a reason to worry. In the last five years Bitcoin is up by almost 7,000 per cent, which means long-term investors are sitting on massive profit,” Shivam Thakral, CEO, BuyUcoin told Financial Express Online.

According to a survey of 42 crypto experts globally published this month by the UK-based personal finance platform Finder, Bitcoin is likely to drop as low as $25,112. However, by December 2030, the price will go up to $4,287,591 but “the average is skewed by outliers – when we look at the median price prediction, the 2030 price forecast comes down to $470,000.” This is still nearly 16X from $29,400. Nonetheless, 2021 is expected to end at $66,284, according to the survey.

The suggestions/recommendations around cryptocurrencies in this story are by the respective commentator. Financial Express Online does not bear any responsibility for their advice. Please consult your financial advisor before dealing/investing in cryptocurrencies.

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