Bitcoin plummeted further on Wednesday to hit levels last seen in January.
- The price of the world’s biggest digital coin dropped over 30% to $30,015.02 on Wednesday according to Coin Metrics. It was last below $30,000 in late January.
- The latest decline brought Bitcoin down 40% in the last seven days, extending the sell-off that started in the past week.
- Bitcoin is now 50% down from the record high $64,829 recorded in April.
- The coin has also canceled out all the gains recorded when Tesla Inc. announced a purchase of $1.5 billion worth of tokens.
- The plunge comes after the People’s Bank of China reiterated that cryptocurrencies are not valid for payments.
- An executive director of a crypto hedge fund described the latest dip as just another hurdle to overcome, and a small one compared to what Bitcoin overcame in the past.
- Bitcoin was last trading down 19.59% to $35,452.96 at 1:57 p.m. GMT.