Why is the price of bitcoin dropping?

Rumors of a forthcoming U.S. government strategy to regulate digital assets may have triggered the current sell-off. Gradual belt-tightening by the U.S. Federal Reserve may also be contributing to Bitcoin's price drop. The price of Bitcoin is likely to be increasingly correlated with the prices of other assets.

How much is bitcoin worth?

Bitcoin is currently trading at about $29,600 per coin. REUTERS/Dado Ruvic/Illustration About $40 billion has been wiped off the cryptocurrency market in the past 24 hours as bitcoin slumped below $30,000 per coin again, pressuring the price of other cryptos as well.

What is the correlation between Bitcoin and stocks?

More broadly, as Bitcoin matures and becomes more widely adopted, the price of Bitcoin is increasingly correlated with the prices of traditional assets like stocks. This growing correlation means that any event that triggers price declines in the traditional markets is likely to trigger similar or greater price declines for Bitcoin.

How much money has been wiped off the cryptocurrency market?

REUTERS/Dado Ruvic/Illustration About $40 billion has been wiped off the cryptocurrency market in the past 24 hours as bitcoin slumped below $30,000 per coin again, pressuring the price of other cryptos as well. Bitcoin fell more than 3 percent Tuesday and was last seen trading at about $29,700 per coin, according to data from Coinbase.