Bitcoin fell below $ 30,000 on Thursday, as the cryptocurrency continues its 2021 slide after increasing in value four times last year.
The digital currency fell 17% to $ 29,246.77, wiping out about $ 100 billion from the market, according to data from CoinDesk. It is now down more than 30% since peaking at $ 41,940 earlier this month.
The latest dive, which comes for no clear reason, underscores currency volatility that has become a popular investment for day traders in recent years even as it still has limited application in the real world. Bitcoin rose over 300% in 2020, closing the year right about where it currently sits.
Ether, the digital currency second to Bitcoin in total value, fell even more on Thursday, falling 22% to $ 1053.80. It’s now 27% lower than its highest from earlier this week, according to CoinDesk. Ether rose 471% last year.
President Joe Biden chose Gary Gensler, former chairman of the Commodity Futures Trading Commission and former Goldman Sachs baker, to be the next chairman of the Securities and Exchange Commission. Gensler learned about cryptocurrencies at Massachusetts Institute of Technology, starting in 2018.
WATCH: Crypto market shed $ 100B as investors await Biden’s regulatory approach
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