A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021.
Dado Ruvic | Reuters
Bitcoin fell below $30,000 for the first time since Jun. 22 on Monday dragging other digital coins lower.
About $90 billion was wiped off the entire cryptocurrency market in 24 hours as of 11:34 p.m. ET, according to CoinMarketCap data.
Bitcoin was down nearly 6% while ether fell 8% and XRP tanked almost 10%, according to CoinDesk data.
The plunge in bitcoin came after a big sell-off in global stock markets. On Monday, the Dow Jones Industrial Average had its worst day since last October.
“There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.
There are “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields,” Huang said. “Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.”
Since bitcoin’s all-time high of nearly $65,000 in mid-April, its price has plunged over 50%.
