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Bitcoin (BTC) briefly dropped below $30,000 on Tuesday and is now trading at less than half of its November 2021 all-time high. The plunge of the world’s largest crypto by market value came as both traditional financial and crypto markets suffered massive sell-offs after the U.S. Federal Reserve's aggressive monetary tightening.
On Tuesday, Bitcoin dropped below the symbolic $30,000 price threshold and briefly traded at $29,961.93 per coin, based on Coinmarketcap data. However, the crypto managed to slightly recover and traded at $31,182.86 at the time of writing. Despite the recovery, BTC is still trading more than 50 percent off its November ATH of around $69,000.
The price decline pushed BTC to its lowest price this year and left the crypto at a 10-month low, according to Coindesk. The last time Bitcoin fell below $30,000 was on July 20, 2021, when it traded at $29,301.
Ether (ETH), the native token of the Ethereum network and the world’s second-largest crypto by market cap, wasn’t spared in the market-wide decline. ETH plunged to as low as $2,208.75 on Tuesday, May 10, before recovering to its current price of $2,363.59.
Bitcoin and Ether’s price drops came amid a broader, multi-day sell-off that affected both the equities and crypto markets. Japan’s Nikkei index declined by 2.5 percent while London’s FTSE 100 dropped by more than 2 percent on Monday, according to BBC. Nasdaq also lost 4.3 percent, the Dow fell nearly 2 percent and the S&P declined by 3.2 percent.
Major cryptos such as Bitcoin (BTC) and Ether (ETH) have tracked the price movements of tech stocks last year, according to CNBC. This correlation between crypto and the Nasdaq has cast some doubt on Bitcoin’s narrative as an inflation hedge.
Bitcoin’s total market cap has declined by more than 20 percent since last week. Similarly, Ether has likewise fallen in value and is down by more than 20 percent in the last week
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