Bitcoin plummets below $30,000: What's going on?
The price of Bitcoin (BTC), the leading cryptocurrency in the market, suffered a sharp drop this April 19, breaking the $30,000 support and trading below $29,000 for the first time since January 4. The fall in the price of Bitcoin and the main altcoins took place in the early hours of the morning, boosted by a wave of liquidations among traders to mitigate possible losses. According to CoinMarketCap data, the price of Bitcoin was down 2.9% in the last 24 hours, standing at about $29,275 at the time of writing. Trading volume also increased by 18.24%, surpassing $22 billion. Bitcoin's market capitalization fell to $588.7 billion, representing 46.11% of the total cryptocurrency market dominance. What factors are influencing Bitcoin's fall? There are several hypotheses to explain the sudden drop in Bitcoin's price, which comes after a week of relative stability between $30,000 and $31,000. One of them is the digital currency's inability to hold above $30,500, which w...