After a rocket ride that saw it more than double in price earlier this year, Bitcoin is back to where it started.
The cryptocurrency went negative for the year early Tuesday as prices continue to plunge amid an ongoing crypto crash. Right around 10:09 a.m. ET, the price of Bitcoin fell to $28,814.75, about $300 below where it started the year. Prices have recovered slightly since reaching that low, but Bitcoin is hovering right at the $30,000 benchmark and, as of 10:54 a.m. ET, is down more than 8% for the day, according to Coindesk.
Tuesday’s dive is a continuation of Monday’s sell-off, as traders worry that China’s crackdown on the cryptocurrency could greatly reduce demand. (The People’s Bank of China ordered major financial institutions in that country to stop facilitating crypto transactions.)
It’s a hard fall for Bitcoin, which topped off at more than $64,000 in mid-April. Last month, it fell 35%, though, and the sell-off hasn’t eased since. Some proponents, like CNBC’s Jim Cramer, have sold off the majority of their portfolios.
“This is not going up because of structural reasons,” Cramer said Monday.
Bitcoin is not the only crypto that’s in free-fall. Ethereum was down nearly 12% early Tuesday, but is still well above where it started the year. And one-time favorite Dogecoin has been sent to the pound, with prices plummeting nearly 23% to just 17 cents. While that’s still a 3,505% return for people who invested at the start of the year, it’s miles away from the $1 target that seemed very attainable just one month ago.
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