Bitcoin Falls Again... Drops Below $30,000 Per Coin for the First Time in Over a Month

First Time Since June 22... Ethereum and Dogecoin Also Fall
Impact of Chinese Regulatory Pressure and Delta Variant Spread

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] The price of the cryptocurrency Bitcoin plunged on the 20th, falling below $30,000 (approximately 34.51 million KRW) per coin for the first time in about a month.

According to cryptocurrency information site CoinDesk, as of 1:20 PM on the same day, the price of one Bitcoin was approximately $29,589.

This represents a 6.36% drop over the past 24 hours.

As a result, the price of one Bitcoin fell below $30,000 for the first time since June 22 last month.

Bitcoin prices had previously plunged below $30,000 on June 22, marking the lowest level since January 27.

Ethereum traded at $1,733.63, down 8.47% compared to 24 hours earlier, marking its lowest level since March. Dogecoin recorded a price of $0.1640, down 8.54%, the lowest since April.

Bitcoin had been on a downward trend following the Chinese authorities' announcement of a complete ban on mining and all related financial services.

Along with this, the recent spread of the Delta variant has increased fear sentiment, causing global stock markets, oil prices, and bond yields to fall, and it is analyzed that cryptocurrencies have also been affected.

In particular, recent sharp declines in Bitcoin trading volume suggest that the cryptocurrency's downward trend could become more pronounced.

According to CryptoCompare, trading volumes at major exchanges such as Coinbase, Kraken, Binance, and Bitstamp decreased by as much as 40% in June compared to the previous month.

An expert warned in an interview with CoinDesk that "the price could fall to the $22,000 range."

Edward Moya, an analyst at OANDA, said, "If the stock sell-off continues, Bitcoin and Ethereum will fall further."

This content was produced with the assistance of AI translation services.