Bitcoin $30,000 Also at Risk... Cryptocurrency Market Cap Drops by $1.6 Trillion

[Photo by Reuters-Yonhap News]

[Asia Economy Reporter Park Byung-hee] Bitcoin prices are facing the risk of collapsing below the $30,000 mark.

According to cryptocurrency information site CoinDesk, as of 6:01 AM KST on the 10th, Bitcoin prices have plummeted 9.65% compared to 24 hours ago, trading at $30,939.18. Earlier, Bitcoin prices had dropped to $30,333.45 before slightly reducing the decline.

Bitcoin prices have fallen to less than half of their all-time high recorded in November last year.

According to cryptocurrency data provider CryptoCompare, the market capitalization of the top 500 cryptocurrencies has decreased by $1.6 trillion compared to the peak in November last year.

Ethereum prices also plunged 10.2%, trading at $2,285.12.

As the New York stock market sharply declined, cryptocurrency prices including Bitcoin have also fallen sharply in tandem.

On this day, the Dow Jones Industrial Average in New York closed at 32,245.70, down 653.67 points (-1.99%) from the previous trading day. The S&P 500 index fell 132.10 points (-3.20%) to 3,991.24, and the tech-heavy Nasdaq index plunged 521.41 points (-4.29%) to close at 11,623.25.