$89 Billion Wiped From Cryptocurrency Market in a Day as Bitcoin Dips Under $30K

For the first time since June 22, Bitcoin has fallen below $30,000, a drop that’s brought other cryptocurrencies down with it.

According to CoinMarketCap data and as reported by CNBC, the fall came as $89 billion was wiped off the crypto market in just a day, as of early Tuesday morning. With Bitcoin down 5 percent, Coindesk reports that ether dropped 6 percent and XRP fell nearly 9 percent, which all comes a day after Dow Jones Industrial Average had its worst 24-hour span since October.

“There’s been a broad sell-off in global markets, risk assets are down across the board,” said Annabelle Huang, partner at Amber Group. Huang also added that there are “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields.”

Bitcoin’s price has also plunged roughly 50 percent since reaching an all-time high back in April, before a crypto crackdown in China that saw the currency fall from $44,000 to as low as $30,202 in just a day in May.

“The Chinese position on cryptocurrencies is clear from the beginning: trading and usage of cryptocurrencies are simply forbidden,” wrote Ipek Ozkardeskaya, senior analyst at Swissquote, as reported by CNN. “Therefore, the news is nothing ‘new,’ but given that crypto traders are too sensitive to negative news nowadays, it adds to the downside pressure on cryptocurrencies.”