Bitcoin price crashes below $30k amid crypto market collapse

The price of bitcoin has crashed below $30,000, adding to the heavy seen across the crypto market in recent months.

The cryptocurrency dropped as low as $29,548 on Tuesday morning, according to CoinMarketCap’s price index, down from an all-time high above $64,000 in mid April.

Other leading also suffered big price falls, including Ethereum (ether), Cardano (ada), Ripple (XRP) and dogecoin.

In total, more than $200 billion was wiped from the combined crypto market.

The exact reason for the collapse is unclear but it coincides with a similar downturn in the global stock market amid concerns that the resurgence of Covid-19 cases could stall the economic recovery.

The price crash also follows comments from some investors warning that bitcoin could be in the middle of a bear market and that the broader space is entering a period known as a “crypto winter”.

Others remain hopeful that the latest dip is merely a price correction and that new record highs will follow later in 2021.

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