Cryptocurrency Market Wipe $90 Billion From Its Market Value As Bitcoin Drops Below $30,000

• Bitcoin plunged below $30,000 for the first time since June 22, dragging other cryptocurrencies down.
• About $90 billion has been wiped out of the cryptocurrency market in 24 hours, according to CoinMarketCap data.
• Bitcoin is down 6%, Ethereum is down 8% and Ripple is down 10%, according to CoinDesk data.

Bitcoin plunged below $30,000 for the first time since June 22, putting pressure on other cryptocurrencies.

About $90 billion has been wiped out of the cryptocurrency market capitalization within 24 hours, according to CoinMarketCap data.

Bitcoin is down about 6%, while Ether is down 8%, and Ripple is down 10%, according to CoinDesk data.

Bitcoin's drop came after a massive sell-off in global stock markets, yesterday, as the Dow Jones Industrial Average had its worst day since last October.

In a statement to CNBC, cryptocurrency financial services partner Amber Group, Annabelle Huang, said there was a massive sell-off in global markets, putting pressure on all riskier assets.

Huang said that there are concerns about the quality and strength of the economic recovery and higher-risk assets are getting weaker, including higher returns, explaining that along with the recent losses of the bitcoin currency, this has led to a further decline in the market. Cryptocurrencies.

Since the price of bitcoin reached an all-time high of $65,000 in mid-April, its price has fallen by more than 50%.