The price of Bitcoin (BTC) and other cryptocurrencies has been falling today, and Bitcoin is now worth less than $30,000. Other currencies, like Dogecoin, have also been hurt.
As of Thursday noon, the price of Bitcoin was around $29,600, which was more than 12% less than it was just 24 hours before. The value of all cryptocurrencies as a whole has dropped by more than $600 billion in the past week, according to the COIN360 cryptocurrency heatmap.
The sell-off was probably caused by a number of things, such as investors’ worries about stricter rules and the possibility of a slowdown in the world economy. Also, the price of Bitcoin has been going up steadily over the past few weeks, and some analysts think it is about time for a correction.
Today, Bitcoin fell below $30,000 again, a day after it went up by 5.33 percent to $30,204.92. At the time of writing, the world’s biggest and most popular cryptocurrency fell more than 3% and was trading at $29,258.10. Bitcoin has lost 36% of its value this year.
Today, the price of Dogecoin (DOGE) is also down sharply. As of Thursday noon, the coin was worth about $0.05, which was more than 20% less than it was just 24 hours before.
The price drop might have been caused by what US Treasury Secretary Janet Yellen said. Yellen said on Tuesday that cryptocurrencies are a big worry because they are often used to do bad things.
Shiba Inu (SHIB), on the other hand, was worth about $0.000058 as of Thursday noon. Since 24 hours ago, the price of the token has dropped by more than 99%. Other major cryptocurrencies are also down today, including Ethereum, XRP, and Litecoin.