Bitcoin price sinks below $30,000

On Wednesday, May 11, the price of the first cryptocurrency dropped below $30,000. The asset’s price at one point fell to $29,000.

As of writing, Bitcoin is trading at around $29,200.

According to CoinGecko, Bitcoin fell 8.6% over the last 24 hours and 22.1% over the past week.

Ethereum is trading below $2,200, down 10.8% in 24 hours. Other top-10 by market cap are also in the red. The biggest losers in the last 24 hours were Solana (29.8%) and Dogecoin (22.1%).

According to Coinglass, the daily volume of liquidations on the futures market exceeded $770 million.

The Fear and Greed Index in the crypto industry reached 12 points (“Extreme Fear”).

Bitcoin Fear and Greed Index is 12 — Extreme Fear
Current price: $31,508 pic.twitter.com/F5LNwt7MRb

— Bitcoin Fear and Greed Index (@BitcoinFear) May 11, 2022

On May 9, Bitcoin fell below $32,000, hitting its low since the summer of 2021.

Bitcoin critic Peter Schiff said it is ‘highly likely’ for the asset to fall to $10,000 in the event of a sharp breach of the $30,000 level.

Earlier, Galaxy Digital founder Mike Novogratz conceded that further declines in the crypto market were possible. In his view, the coming quarters will be volatile due to negative sentiment on Wall Street.

On May 11, the algorithmic stablecoin TerraUSD (UST) lost its peg to the U.S. dollar again. The LUNA token used to issue it plummeted by 97% in 24 hours.

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