$90 billion wiped off crypto market as bitcoin drops below $30,000 for first time in nearly a month

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$90 billion wiped off crypto market as bitcoin drops below $30,000 for first time in nearly a month

Fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower. About $98 billion was wiped off the entire cryptocurrency market in 24 hours as of 12:29 a.m. ET on Tuesday, according to CoinMarketCap data. Bitcoin was down more than 6% while ether fell nearly 9% and XRP tanked almost 10%, according to CoinDesk data. The plunge in bitcoin came after a big sell-off in global stock markets. On Monday, the had its . "There's been a broad sell-off in global markets, risk assets are down across the board," Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said. There are "concerns of the quality and strength of economic recovery" and "broader risk assets turned weaker including high yields," Huang said. "Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further." Since bitcoin's all-time high of nearly $65,000 in mid-April, its price has plunged over 50%. Regulatory scrutiny and mining has weighed on the bitcoin price. Major regions responsible for . Bitcoin mining is an energy-intensive process that facilitates bitcoin transactions and creates new coins. reminding them not to offer crytpo-related services to customers. forcing them to move offshore. That