According to CNBC, Bitcoin continues to lose price after a wide-ranging stock sell-off that started in the United States last week, rocking the cryptocurrency market and causing a sharp 10% drop.

At the same time, Bitcoin lost about 3%. According to Coindesk, the value of the largest cryptocurrency by market cap dropped to $29,900 this morning and then rose above 30,000. Bitcoin is currently at its lowest level since late January – 50% lower than the peak price of $68,990 recorded in November 2021.

“Markets are often under pressure from rising inflation and concerns,” said Vijay Ayyar, Luno’s vice president of institutional and international cryptocurrency development. According to him, Bitcoin could drop as low as $25,000 before a significant rise.

According to CoinGecko, on May 8, the global market cap of the crypto market was $1.68 trillion. Cryptocurrency trading volume was fixed at $119 billion on the same day. The value of the cryptocurrency continues to decline steadily since the beginning of the year.