Bitcoin (BTC), the world’s most valuable cryptocurrency, has dropped below another critical support level of $30,000.
Bitcoin’s price fell below $30,000, breaking through a four-week-old support level and perhaps pointing to further price losses for the top cryptocurrency. At press time, the leading cryptocurrency was trading at about $29,731, down around 10.01 percent over the previous week. Since mid-May, Bitcoin has been in a broad price range of $30,000 to $40,000, except today, when it fell below the $30,000 barrier on June 22.
Bitcoin falls below $30,000, a critical support level.
After the People’s Bank of China ordered the country’s leading financial institutions to stop supporting crypto transactions, the world’s largest cryptocurrency momentarily traded at $29,700. The price of Bitcoin has been falling since mid-May 2021, as the number of unique addresses interacting with the Bitcoin network has been steadily decreasing. According to cryptocurrency expert Lark Davis, nearly 11% of the Bitcoin supply was traded between $31k and $34k. Davis stated that panic selling has caused the Bitcoin price to plummet, even more, resulting in a cascade effect.
The Bitcoin market as a whole is down 7%.
The current price drop in Bitcoin is part of a more extensive market correction. In the previous 24 hours, the whole cryptocurrency market has lost 7% of its value, wiping away more than $100 billion from the market cap. Ethereum (ETH), the second-largest cryptocurrency, is down 8.75 percent and has fallen below its prior support levels of $1750. Binance Coin (BNB), one of the best-performing cryptocurrencies this year, is down 13% and currently trades at $260. Finally, Cardano (ADA) is now trading at $1.0, down 11%. Ethereum looks to be expanding its fee domination over Bitcoin by a factor of 10, with Bitcoin now ranked sixth in terms of weekly fee production.