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Bitcoin Collapses Below $30,000 for the First Time Since January

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Tue, 06/22/2021 - 12:30
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Alex Dovbnya
Bitcoin has tanked below the $30,000 for the first time since January
Bitcoin Collapses Below $30,000 for the First Time Since January
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Bitcoin, the largest cryptocurrency, plunged below $30,000 for the first time since January 28 at 12:25 UTC on the Bitstamp exchange. 

BTC
Image by tradingview.com

The flagship cryptocurrency was also a hair's breadth away from hitting the aforementioned level during the May 19 crash, but buyers managed to save the day. This time around, the bulls proved to be powerless.             

Bitcoin is already down 19 percent in June after recording its third-biggest monthly drop in May.

The cryptocurrency has plunged a whopping 53 percent since hitting its current all-time high of $64,895 on April 14.

As reported by U.Today, Bitcoin inflows reached $89 million last week, amplifying the bearish sentiment.

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Elon Musk Approves of Potential Dogecoin Fee Reduction, Calls It Important Improvement

Bitcoin bears have been emboldened by China’s rooting out the local mining industry, which caused a humongous drop in the cryptocurrency’s hash rate.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.