Bitcoin has dropped from the $29,000 mark for the first time since June 22. The downward movement comes as the broader crypto market witnesses a $21 billion fall.
The flagship cryptocurrency is down by 1.5% in the past 24 hours, trading at around $28,930 when writing. Its total market capitalization is $562.6 billion.
Along with Bitcoin’s fall, the global crypto market cap has also declined by 1.7%. It dipped from $1.185 trillion to $1.164 trillion at the time of writing.
Bitcoin’s price decline is associated with the asset’s one-day price volatility, rising from 0.0028 to 0.0035.
The current price volatility of Bitcoin is still far from its local top of 0.011 on July 14, when BTC was trading at around $31,350. The high volatility comes with the sudden rise of BTC’s 24-hour trading volume, rising by 25% and currently sitting at over $13 billion.