Bitcoin fell below $30,000 for the first time in nearly five months as China's latest crackdown on cryptocurrencies weighed. The world's largest cryptocurrency tumbled by as much as 8.5% to $29,766.87, its lowest since January 27, reported at around 7 pm (IST). As of 1232 GMT it was down 4.2%.
The market capitalisation of the most popular cryptocurrency declined to $557.89 billion during the 24-hour trading, according to coindesk.com.
Earlier in the day, the bitcoin opened at $32,475.47, while the 24-hour low was registered at $29,350.33 on Tuesday. However, the highest value of the cryptocoin was reported as $33,247.79 in the 24-hour trade.