Bulletins

Bitcoin has erased its 2021 gains

three gold-colored bitcoins on black surface

Bitcoin has erased its 2021 gains.

Photo: Dmitry Demidko /Unsplash

Bitcoin has fallen bellow $30,000 for the first time since January and could soon turn negative for the year. The cryptocurrency fell 11% between Monday and Tuesday to a low of $29,140.96, according to data from CoinDesk.

The six-month Bitcoin boom began its decline when Elon Musk tweeted a breakup meme with the cryptocurrency, signaling that Tesla would be reevaluating its investment because of the emissions and environmental consequences of crypto mining. While Musk later walked back his comments, the cryptocurrency has been volatile ever since.

Traders had speculated that $30,000 was the possible support level that would ease the cryptocurrency's fall, but its new low has some speculating that level could actually be $25,000 or even $20,000, according to CNBC.

Anna Kramer

Anna Kramer is a reporter at Protocol (Twitter: @ anna_c_kramer, email: akramer@protocol.com), where she writes about labor and workplace issues. Prior to joining the team, she covered tech and small business for the San Francisco Chronicle and privacy for Bloomberg Law. She is a recent graduate of Brown University, where she studied International Relations and Arabic and wrote her senior thesis about surveillance tools and technological development in the Middle East.

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