The price of Bitcoin has fallen below $30,000 U.S., dragging the entire cryptocurrency market down with it.
About $98 billion U.S. was wiped off the entire cryptocurrency market in 24 hours as Bitcoin’s price fell to $29,703.63 U.S.
Between July 19 and 20, Bitcoin fell 6% while Ethereum fell 9% and XRP declined almost 10%, according to data from CoinDesk.
The plunge in Bitcoin came after a big selloff in global stock markets. On Monday (July 19), the Dow Jones Industrial Average had its worst day since last October, dropping more than 700 points.
Since Bitcoin’s all-time high of nearly $65,000 U.S. in mid-April, the digital coin’s price has plunged more than 50%.
A renewed crackdown in China on cryptocurrency trading and mining has weighed on Bitcoin’s price. Major regions responsible for Bitcoin mining in China have forced operations to shutdown.
China’s central bank has also spoken to finance and fintech companies reminding them not to offer cryptocurrency related services to customers.
Regulators around the world are also looking more closely at the cryptocurrency space. Binance, the world’s largest cryptocurrency exchange, last month was barred by British authorities from carrying out any regulated activities in that country.
Regulators in Japan, Canada and Thailand have also issued warnings about Binance.
