Bitcoin news – live: Price crash bounces back above $30k after hitting 2021 low
The price of bitcoin crashed even further on Tuesday, taking it below $30,000 for the first time since January.
The latest losses come amid a market-wide downturn that has wiped hundreds of billions of dollars from the combined market cap of all cryptocurrencies over the last few days.
Bitcoin still remains way up when looking at the year-on-year charts for 2021, having been worth less than $10,000 this time last year.
The latest drop has led to fears that more losses could be on the way, as a pattern known as the “death cross” has been reached. This is where the 50-day moving price average falls below the 200-day moving average, potentially signalling the arrival of a bear market.
Other leading cryptocurrencies also suffered, with Ethereum (ether), Cardano (ada), Binance Coin and dogecoin all dropping by a similar margin to bitcoin.
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