Bitcoin Falls As Low As $29,764 On Tuesday, Recovers

2 weeks ago

For the first time since July 2021, Bitcoin has hit below $30,000 on Tuesday, according to AFP.

 https://i0.wp.com/storage.waploaded.com/images/d39c55dec449d169a60631cd7bf5ca46.jpg

The report further added that aggressive US monetary tightening and surging inflation didn't help the market.

 

The world's largest cryptocurrency by market value fell as low as $29,764 in Tuesday trade, before recovering above $30,000, extending a recent collapse in price as investors desert assets viewed as risky.

 

Bitcoin's value has more than halved since a November surge that saw the token hit a record of nearly $69,000.

 

While crypto enthusiasts view bitcoin as a hedge against inflation, an influx of more traditional investors tend to view it as a riskier asset.

 

The slump in crypto follows dives on US equities and other markets, with the tech-rich Nasdaq closing down 4.3 percent on Monday, the S&P 500 declining 3.2 percent and the Dow ending off 2.0 percent.

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