coinquora.com
The price of Bitcoin (BTC) and other cryptocurrencies has been plummeting today, with the price of Bitcoin sinking below $30,000. Dogecoin and other currencies have also taken a hit.
Bitcoin was trading at around $29,600 as of midday on Thursday, down more than 12% from its price just 24 hours ago. According to the COIN360 cryptocurrency heatmap, the total value of all cryptocurrencies has fallen by more than $600 billion over the past week.
The sell-off was likely to be triggered by a number of factors, including investors’ fears about tighter regulation and the potential for a worldwide economic slowdown. In addition, the price of Bitcoin had been rising steadily in recent weeks, and some analysts believe that it was due for a correction.
A day after Bitcoin rose by 5.33% to reach $30,204.92, it witnessed another drop today below $30,000. The world’s largest and most popular crypto fell over 3% and is trading at $29,258.10 at the time of writing. Notably, Bitcoin is down 36% this year.
Dogecoin (DOGE) is also down sharply today. The coin was trading at around $0.05 as of midday on Thursday, down more than 20% from its price just 24 hours ago.
Comments from US Treasury Secretary Janet Yellen might have affected the price drop. Yellen on Tuesday said, “cryptocurrencies are a particular concern because they are often used for illicit activity.”
Meanwhile, Shiba Inu (SHIB) traded at around $0.000058 as of midday on Thursday. The token is down by more than 99% from its price 24 hours ago. Other major cryptos, including Ethereum, XRP, and Litecoin, are also down today.