$89 Billion Wiped Off Cryptocurrency Market as Bitcoin Crashes Below $30,000 .
Bitcoin is down more than five percent, falling below $30,000 for the first time since June 22.
That’s a 50 percent plunge compared to its mid-April high of nearly $65,000.
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As of Tuesday morning, $89 billion has been wiped off the cryptocurrency market in the span of 24 hours.
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According to Annabelle Huang of the cryptocurrency financial service firm Amber Group, the dip is a result of a “broad sell-off in global markets.” .
Huang also cited concerns over the “quality and strength of economic recovery” as a factor in the crypto market’s dip.
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Bitcoin’s price plunge has also caused a number of other cryptocurrencies to fall.
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Ethereum fell over eight percent to $1,700 and XRP, BNB and ADA fell more than 10 percent each.
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Vijay Ayyar of cryptocurrency exchange Luno said that Bitcoin would likely continue to fall.
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I would see bitcoin between 20-40K ($20,000 to $40,000) for a while now before any bullishness returns, Vijay Ayyar, via CNBC