Owing to the effects of the pandemic of COVID-19, the cryptocurrency market has been suffering since 2019. While there is a surge in COVID-19 infections and issues on the quality in economic recovery, Bitcoin took advantage of a sell-off in global markets. The cryptocurrency market suffered a loss of around $98 billion after its price stoops down to less than $30,000 for the first time in one month.

The global cryptocurrency market capitalization had gone down to $1.2 trillion. Data from CoinMarketCap shows that there is a fall of over percent in the past 24 hours. Bitcoin is the largest crypto in the world in terms of market capitalization.

It was trading at a rate, which is slightly more than $29,600. The amount is almost 6% lower than the previous day.

On the other hand, the prices of Ether and Dogecoin decreased by more than 8%. Bitcoins tanked more than 12%. The tumble in Bitcoin is seen after the sell-off in global markets. The Dow Jones Industrial Average has also gone down by 2.1% on July 19, which is the worst day since October 2020.

A partner at cryptocurrency financial services firm Amber Group, Annabelle Huang, said, “There’s been a broad sell-off in global markets, risk assets are down across the board.” She also explained that there are concerns over the quality and strength of the economic recovery. She further said, “Coupled with recent BTC (Bitcoin) weakness, this just sent crypto market down further.”

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