BitcoinThe price of gold fell below $30,000 late Monday. This was a breach of a symbolic threshold.

At its lowest price point, the world’s most popular cryptocurrency was more than 12% lower on the day — and more than 56% off its November all-time high of around $69,000.

Bitcoin was last traded at below $30,000 in July 2021. traded as low as $29,839.80. Yuya Hasegawa is a Japanese crypto market analyst for Bitbank. previously told CNBCTo prevent further decline in technical sentiment, bitcoin must maintain its psychological level at $33,000.

It comes amid a wider, multi-day selloff which has ensnared large parts of the crypto market as well as equities.

CoinMarketCap data shows that the cryptocurrency market has dropped nearly 10% over the past 24 hours. It trades 24-hours per day. Meanwhile, all three major stock indexes closed Monday lower, with the S&P 500 falling to its lowest level in more than a year.

Since Thursday when both the Dow Jones Industrial Average & Nasdaq Composite posted their weekly results, stock prices have been steadily falling. worst single-day drops since 2020.

Bitcoin and major cryptocurrency have been tracking the movements of tech stocks for the past year. Analysts say this tight correlation between bitcoin and Nasdaq is threatening the claim that bitcoin acts as an inflation hedge.