Bitcoin quickly drops below $30,000, down more than 56% from its all-time high

Bitcoin fell below $30,000 late Monday, breaching the symbolic price threshold.

At its lowest price point, the world’s most popular cryptocurrency was down more than 12% on the day — and down more than 56% from its November all-time high of around $69,000. It then recovered from some of those losses and was trading at $31,181.28 as of 10:38 p.m. ET Monday, according to data from Coin Metrics.

The last time bitcoin traded below $30,000 was in July 2021, when the digital asset trades at a low of $29,839.80. Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, previously told CNBC that bitcoin will need to sustain the key psychological price of $33,000 to stave off a further decline in technical sentiment.

The drop in price comes amid a broader, multi-day sell-off that has affected much of the crypto and equity markets.

The cryptocurrency market, which trades 24 hours a day, is down nearly 10% in the past 24 hours, according to CoinMarketCap data. Meanwhile, all three major stock indexes closed lower on Monday, with the S&P 500 index falling to lows. the lowest level in more than a year.

Stocks have fallen steadily since Thursday, when the Dow Jones Industrial Average and Nasdaq Composite both announced worst one-day drop since 2020.

Over the past year, bitcoin and other major cryptocurrencies have been tracking the movements of tech stocks, and some analysts say the close correlation between bitcoin and Nasdaq challenges the argument that cryptocurrencies work. as a hedge against inflation.

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