Bitcoin dips below $30,000, drops more than 56% from its all-time high

Bitcoin dips below $30,000, drops more than 56% from its all-time high

Dropped below the $30,000 level late Monday, breaching a symbolic price threshold. 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. The last time bitcoin traded below $30,000 was in July 2021, when the digital asset . Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, 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 . Stocks have been on a steady decline since Thursday, when the Dow Jones Industrial Average and Nasdaq Composite each posted their For the last year, bitcoin and other major cryptocurrencies have tracked the movement of tech stocks, and some analysts say that this close correlation between bitcoin and the Nasdaq challenges the