Crypto Market Tumbles as Bitcoin Falls Under $30,000

Key highlights:

  • The total cryptocurrency market cap dropped by over 14% in the last 24 hours
  • The Bitcoin price fell below $30,000 before recovering slightly
  • Altcoin were hit much harder, resulting in Bitcoin dominance climbing to 46.5%

Cryptocurrency market sees further losses, Bitcoin briefly dips under $30,000

The cryptocurrency market has seen a big crash in the last 24 hours – the total market capitalization is down 14.3%. 

Bitcoin briefly slipped under $30,000, and is currently recording a 24-hour change of about -8%. The downturn in the cryptocurrency market has almost erased all of Bitcoin’s 2021 gains, as BTC is now only up about 9.2% compared to its price on January 1. 

Even though this is hardly an exciting performance for Bitcoin holders, altcoins were hit much harder. 45 coins in the cryptocurrency top 100 are down by 20% or more on the day.

This has resulted in Bitcoin dominance climbing 1.3% to hit 46.5%. The metric has been climbing after bottoming out at 36.6% on May 19. 

The last week has been rough for cryptocurrency holders, as Bitcoin is down 25% in the last 7 days, and Ethereum dropped by 30.5% in the same time period. 

As of the time of writing, the market is showing some signs of recovery, with almost all coins in the cryptocurrency top 100 gaining value in the last hour. 

Very often, it’s hard to pin big moves in the cryptocurrency markets to specific events, and this also appears to be the case for today’s price drops. However, there has recently been a flood of negative cryptocurrency-related news coming out of China, which could have contributed towards the bearish sentiment shift in the cryptocurrency market.  

Yesterday, the People’s Bank of China published a statement in which it announced that it met with some of the country’s leading banks and payment service providers, and reiterated its stance that they should not be servicing over-the-counter cryptocurrency traders and shouldn’t be providing services related to cryptocurrency transactions. 

There’s of course also the crackdown on cryptocurrency miners in China, which has already resulted in some miners relocating to other countries. For example, publicly-listed cryptocurrency mining firm BIT Mining is shipping its equipment to Kazakhstan after local authorities in Sichuan ordered the shutdown of 26 cryptocurrency mining facilities. A BIT Mining subsidiary was one of the companies affected in this crackdown. 

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