After dropping below the $30,000 USD on Monday for the second time since the start of June, Bitcoin has returned above the $30k threshold on Wednesday after testing the $29,000 USD support level once again. At one point, $89 billion USD was wiped off crypto markets in a 24 hour period.
The price drop came following a big sell-off in global stock markets on Monday, reflected in the worst day on the Dow Jones Industrial Average since last October. During that time, Forbes also reported that the New Jersey Attorney General has issued a Cease and Desist Order against the crypto services firm BlockFi, ordering it to stop offering interest-bearing accounts.
Bitcoin’s volatility has contributed to a depressed crypto market, with Ethereum, Dogecoin, Binance Coin, Cardano, and Ripple dropping considerably. Some experts warn of the beginning of a “crypto winter,” while others such as billionaire venture capitalist Tim Draper, maintain a bullish forecast, sticking with a $250,000 USD price target by the end of 2022.
In other crypto news, Square is creating a new Bitcoin business named “TBD.”