Bitcoin bounces back slightly after briefly dropping below $30,000

 
INA-sources
 
Bitcoin dropped below the $30,000 level late Monday, breaching a symbolic price threshold before seeing a slight recovery early Tuesday.
 
At its lowest price point, the world’s most popular cryptocurrency was more than 12% lower on the day — and more than 56% off its November all-time high of around $69,000. It later recovered from those losses and was trading at $31,836.24 at 3:45 a.m. ET Tuesday, according to data from Coin Metrics.
 
The last time bitcoin traded below $30,000 was in July 2021, when the digital asset traded as low as $29,839.80. Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, previously told CNBC that bitcoin would need to maintain a key psychological price level of $33,000 to stave off further deterioration of technical sentiment.
 
The price drop comes amid a broader, multi-day sell-off that has ensnared much of the crypto market and equities.
 
The crypto market, which trades 24-hours a day, is down nearly 10% in the last 24 hours, according to CoinMarketCap data. Meanwhile, all three major stock indexes closed Monday lower, with the S&P 500 falling to its lowest level in more than a year.
 
Stocks have been on a steady decline since Thursday, when the Dow Jones Industrial Average and Nasdaq Composite each posted their worst single-day drops since 2020.

Source: CNBC