The price of bitcoin fell below $30,000 Tuesday morning, losing nearly all its 2021 gains as $100 billion was wiped from the crypto market, mirroring the sharp falls in global markets amid concerns the fast-spreading Delta variant of Covid-19 could hamper economic recovery.
Bitcoin was down Tuesday as the crypto market slid.
Bitcoin fell roughly 6% Tuesday to just over $29,600 a token, only slightly above the $29,022 it started 2021 on and less than half an all-time-high of more than $64,000 in mid April.
Other major cryptocurrencies also fell, with ethereum down around 7%, cardano 10%, Ripple’s XRP 8% and dogecoin 9%.
While the precise cause of the fall is unclear, the crypto market is mirroring sharp falls in markets around the world—including the Dow Jones Industrial Average posting its biggest one-day drop since October—as experts fear renewed restrictions and a slower recovery caused by the infectious Delta Covid-19 variant.
Regulatory action against BlockFi, a bitcoin financial services platform,