Bitcoin slumped below $30,000 briefly last night before rallying 5 per cent.
The world’s biggest cryptoasset dipped to about $29,800 – falling below the key $30,000 mark for the first time since late July 2021.
A rally saw bitcoin return to $31,716 by 9.15am London time.
Crypto crunched: Bitcoin plunged to below $30,000 yesterday before a rally
The value of bitcoin has more than halved since peaking at $68,990, according to Coindesk, late last year.
The cryptocurrency’s losses since early November stand at 54 per cent, echoing the crash in some high-flying US tech star shares.
The latest slide came as stock markets around the world tumbled amid fears over the health of the global economy.Earlier this year Goldman Sachs, the investment banking giant, said bitcoin could hit $100,000 within five years if more investors see it as an alternative to gold.
Matt Dibb, chief operating officer of Singapore-based investment manager and crypto platform Stack Funds, said: ‘I think everything within crypto is still classed as a risk asset, and similar to what we’ve seen with the Nasdaq, most crypto currencies are getting pummelled.’
Bitcoin’s losses since its peak in November stand at 54% – echoing the share price decline of some high-flying tech stocks
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