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