Bitcoin dips below $ 30,000, dropping more than 56% from its all-time high

Bitcoin It fell below the $ 30,000 level at the end of Monday, breaching a symbolic price threshold.

At its lowest price, the world’s most popular cryptocurrency was more than 12% lower on the day and more than 56% from its all-time high in November of around $ 69,000.

The last time bitcoin was trading below $ 30,000 was in July 2021, when the digital asset traded starting at $ 29,839.80. Yuya Hasegawa, cryptocurrency market analyst at the Japanese bitcoin exchange Bitbank, previously told CNBC that bitcoin would need to maintain a key psychological price level of $ 33,000 to avoid further deterioration in technical sentiment.

The drop in prices comes amid a broader multi-day sell-off that has ensnared much of the cryptocurrency and equity market.

The cryptocurrency market, which operates 24 hours a day, has dropped nearly 10% in the past 24 hours, according to data from CoinMarketCap. Meanwhile, all three major equity indices closed lower on Monday, with the S&P 500 falling lowest level for more than a year.

Stocks have been falling steadily since Thursday, when the Dow Jones Industrial Average and Nasdaq Composite each released their The worst one day drops since 2020.

Over the past year, bitcoin and other major cryptocurrencies have been tracking the movement of tech stocks, and some analysts say this close correlation between bitcoin and Nasdaq challenges the argument that cryptocurrency serves as a hedge from inflation.