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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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XRP slumps as bitcoin once again falls back to $85,000 level after surge
Crypto markets swung sharply Thursday following a softer-than-expected U.S. CPI print, which briefly lifted bitcoin above $89,000 during U.S. hours.
What to know:
- XRP declined 1.2% amid high trading volume, indicating significant market activity despite price struggles.
- The cryptocurrency remains under pressure, failing to surpass the critical $2.00 level, which is seen as a key inflection point.
- Elevated trading volume without sustained price gains suggests distribution rather than panic-driven selling.
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