Bitcoin Falls Below $30,000 for the First Time in a Month

Selling activity accelerated for the cryptocurrency "Bitcoin" on Tuesday, causing it to drop below $30,000 for the first time in about a month. The largest cryptocurrency in the world decreased by 4.1%, trading at approximately $29,600. Other virtual currencies, including "Ethereum" and "Dogecoin," also fell, leading the Bloomberg Galaxy Crypto Index to decline by 5%. This decline comes amid a broader risk-off environment, which also saw global stocks falling due to concerns over slowing economic growth and the ongoing spread of the Delta variant of COVID-19. Some traders viewed the $30,000 level as a key support level for Bitcoin, and if breached, it could pave the way for further losses.