Bitcoin Plunges Below $30,000: Nearly All This Year’s Profits Evaporated

Bitcoin’s value has plunged below $30,000 for the first time in a month. The cryptocurrency lost more than 6 percent in the past 24 hours. With that, virtually all profits that bitcoin has made this calendar year have evaporated.

 

Bitcoin’s slump coincided on Monday with a broad decline in global stock markets. In addition, the increase in the number of corona cases in several countries is fueling investor concerns that the economic recovery from the crisis is being slowed down.

Other cryptocurrencies also fell. Ether lost about 8 percent in the past 24 hours, and Binance coin lost almost 12 percent. Last month, the value of bitcoin also briefly dipped below $30,000. However, the price of the main cryptocurrency quickly rose again.

Bitcoin peaked at over $63,000 in early April. Since then, the value of the currency has fallen sharply. First, it was pointed out that car maker Tesla stopped accepting payments in bitcoins due to environmental concerns. Later, strict regulations in the field of crypto coins from the Chinese government were added.

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