Bitcoin Breaks Below $30K, Erasing Almost All of 2021's Gains
Bitcoin gains in 2021 dropped below 1% as strong selling continues.
Jan 22, 2021 at 12:53 a.m. UTCUpdated Aug 19, 2021 at 6:44 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/22D2DE7LZFGWHHTXHRBSHSVWOI.jpg)
Bitcoin dropped below $30,000, pushing this week's losses briefly over 17% amid continued profit-taking.
STORY CONTINUES BELOW
- Per CoinDesk's prior reporting, the recent drop in bitcoin's price is likely due to widespread profit-taking by U.S. and European investors, according to trading activity on leading cryptocurrency exchange Coinbase.
- Bitcoin dropped to $29,112 on Coinbase at 0:30 UTC on Thursday, a level reached on Jan. 4 when the leading cryptocurrency started rallying hard to an all-time high of just below $42,000 on Jan. 8.
- At press time, the price of bitcoin was $30,025, down about 15% over the last 24 hours.
- The continued selling has pushed bitcoin's year-to-date gains below 1%.
- Bulls may be able to pare losses though, according to Bloomberg analyst Mike McGlone who told CoinDesk, "Bitcoin appears similar to May-June 2017 price range of $3,000-$2,000 before breaking out higher."
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)