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Bitcoin Breaks Below $30K, Erasing Almost All of 2021's Gains
Bitcoin gains in 2021 dropped below 1% as strong selling continues.
By Zack Voell
Updated Sep 14, 2021, 10:59 a.m. Published Jan 22, 2021, 12:53 a.m.
Bitcoin dropped below $30,000, pushing this week's losses briefly over 17% amid continued profit-taking.
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- 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.
- Guggenheim's CIO Scott Minerd, who has said bitcoin should be worth $400,000, said yesterday he thinks bitcoin maybe have topped temporarily, saying that a retrace to $20,000 is possible.
- 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."
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Bitcoin's massive underperformance to stocks in Q4 bodes well for January, says K33's Lunde
After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
What to know:
- Bitcoin held in the $87,500 in U.S. afternoon action on Tuesday, up 2% over the past 24 hours.
- K33 analyst Vetle Lunde suggested BTC's relative weakness to stocks this quarter could mean rebalancing-led buying once January rolls around.
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