Bitcoin tumbles below $30,000, extending its plunge to start 2021

Bitcoin tumbled below $30,000 on Thursday, as the cryptocurrency continued its 2021 slide after quadrupling in value last year.

The digital currency dropped 17% to $29,246.77, wiping out about $100 billion from the market, according to data from CoinDesk. It’s now down more than 30% since peaking at $41,940 earlier this month.

The latest plunge, which comes without any clear reason, underscores the volatility of a currency that’s become a popular investment for day traders in recent years even as it still has limited real-world application. Bitcoin rose over 300% in 2020, closing the year right about where it sits currently.

Ether, the digital currency that’s second to Bitcoin in total value, dropped even more on Thursday, declining 22% to $1053.80. It’s now 27% below its high from earlier this week, according to CoinDesk. Ether rose 471% last year.

President Joe Biden picked Gary Gensler, the former chairman of the Commodity Futures Trading Commission and an ex-Goldman Sachs baker, to be the next chair of the Securities and Exchange Commission. Gensler taught about cryptocurrencies at the Massachusetts Institute of Technology, starting in 2018.

WATCH: Crypto market sheds $100B as investors await Biden’s regulatory approach

Nominations are open for the 2021 CNBC Disruptor 50, a list of private start-ups using breakthrough technology to become the next generation of great public companies. Submit by Friday, Feb. 12, at 3 pm EST.

Technology

Products You May Like

Articles You May Like

Labour MP suspended over ‘serious allegations of unacceptable behaviour’
This Morning editor says ‘scores are being settled’ in fallout from Schofield saga
Oscar Isaac Wants Pedro Pascal To Join The ‘Spider-Verse’ As A “Cranky, Old Spider-Person”
CNN’s new COO hire underscores bond between CEO Chris Licht and WBD boss David Zaslav
Ben Schnetzer To Co-Star Opposite John Malkovich In ‘The Yellow Tie’

Leave a Reply

Your email address will not be published. Required fields are marked *