Bitcoin slides below $30,000 for the first time in a month

SourceGulf Business
SectorFinancial Markets
CountryMiddle east

A selloff in Bitcoin accelerated Tuesday, pushing it below $30,000 for the first time in about a month. The largest digital coin fell as much as 4.1 per cent and was trading at about $29,700 as of 7am in London. Other virtual currencies also retreated, including second-ranked Ether.

The Bloomberg Galaxy Crypto Index was down about 4 per cent. Some traders had viewed $30,000 as a key support that might open the way to more losses if breached. Further big declines from here could rattle the cryptocurrency market and even exacerbate a wider flight from risk assets such as stocks. Global equities are falling due to fears of slowing economic growth and the relentless spread of the delta variant of Covid-19. “We’re going to need to form another base first before resuming another bull trend,” said Vijay Ayyar, head of Asia Pacific with cryptocurrency exchange Luno in Singapore. “We are going to be ranging between $20,000 and $40,000 for more...