Cryptocurrencies remained under pressure on Tuesday as the price of Bitcoin, the world’s most popular virtual coin, fell below $30,000 for the first time since June 22.
Most virtual coins are struggling for more than a week to register gains due to higher outflow and bearish market momentum. According to data released by digital asset manager CoinShares on Monday, Bitcoin investment products and funds registered outflows for a second consecutive week.
Bitcoin outflows hit $10.4 million in the week ended July 16 after outflows of $6.9 million in the previous week. The reason behind the higher outflows is cautious investor sentiment amid rising volatility.
Cryptocurrency highlights | Check yesterday’s prices
The most popular virtual coin in the world was trading at $29,671.81, down 6.63 per cent at 11:15 am. Bitcoin’s market capitalisation has plummeted to $556 billion.
Ether, the second-biggest cryptocurrency, was under greater pressure as it fell nearly 9 per cent and was trading below $1,800. All other popular altcoins fell in the range of 8-14 per cent, signalling broad-based weakness in the cryptocurrency market.
NEXT 24 HOURS CRUCIAL
Commenting on the weakness in the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “The past 24 hours witnessed a massive selloff across the cryptocurrency spectrum.”
“The largest crypto by market cap, Bitcoin, breached its crucial support level of $30,000. It is currently hovering around the $29,600 mark. With this drop in Bitcoin prices, the panic sell-off immediately began across the altcoins,” he added.