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Bitcoin falls more than 5% to retreat back under $30,000

written by Bella Palmer
bitcoin-falls

The leading cryptocurrency lost more than 22% of its value in the past 30 days, while its market capitalization shrunk from $750 billion to the current value of $569 billion

Bitcoin (BTC) fell over 5% over the last day to retreat back under $30,000, wiping off most of its recent gains.

The leading cryptocurrency gave investors a touch of hope at the start of the week after staging a mini-rally to first reclaim the $30,000 level on Monday before briefly surpassing $32,000 the following day.

It was the first time in three weeks that Bitcoin had traded at those levels; however, it failed to keep the upward momentum, plunging to an intraday low of $29,501 on Wednesday, according to data from CoinMarketCap.

At one time, Bitcoin was changing hands at $29,939, down 5% in the past 24 hours. The bearish action led to nearly $155 million in BTC positions, mostly longs, liquidated over the span, according to Coinglass.

It’s been a rocky month for Bitcoin and the broader crypto market, as investors are still trying to assess their losses following the dramatic crash of Terra’s UST stablecoin and LUNA token.

The leading cryptocurrency lost more than 22% of its value in the past 30 days, while its market capitalization shrunk from $750 billion to the current value of $569 billion.

Following the pattern, the price of Ethereum (ETH) has seen its price fall 5.65% over the last 24 hours.

The industry’s second-largest cryptocurrency sank to the daily low of $1,776 in the early hours on Thursday and is trading around $1,823, per CoinMarketCap. This is also as much as 35% down since the beginning of May when ETH changed hands in the region close to $3,000.

Elsewhere across the board, Solana is down 12% over the day following the Layer-1 blockchain’s four-and-a-half-hours-long outage on Wednesday.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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