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After remaining limited to the range for weeks, Bitcoin again fell off the $ 30,000 support level for the first time since June 22, when the largest cryptocurrency hit a local bottom of $ 28,613.
It dipped to an intraday low of $ 29,547 on the Bitstamp exchange at 3:18 a.m. UTC.
Bitcoin’s dominance, however, reached nearly 46.8%, with altcoins like Binance Coin and XRP recording double-digit losses.
Ethereum, the second largest cryptocurrency, is also down 8%.
The ongoing cryptocurrency bloodbath follows a recent market correction, which is believed to be a major catalyst behind a recent drop in Bitcoin prices.
Treasury Secretary Janet Yellen calling for a regulatory framework for stablecoins at a July 19 meeting of the Presidential Financial Markets Working Group (PWG) may also have contributed to the strong bearish sentiment.
Last week, Scott Minerd of Guggenheim Partners predicted that the $ 30,000 support could crack under downward pressure.
Minerd and other analysts forecast a drop to as much as $ 15,000.
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