After remaining range-bound for weeks, Bitcoin has once again lost the $30,000 support level for the first time since June 22 when the largest cryptocurrency touched a local bottom of $28,613.
It plunged to an intraday low of $29,547 on the Bitstamp exchange at 3:18 a.m. UTC.
Bitcoin’s dominance, however, has spiked to nearly 46.8 percent, with altcoins of the likes of Binance Coin and XRP posting double-digit losses.
Ethereum, the second-largest cryptocurrency, is also down 8 percent.
The ongoing cryptocurrency bloodbath follows a recent stock market correction, which is believed to be a major catalyst behind a recent Bitcoin price drop.
Treasury Secretary Janet Yellen calling for a regulatory framework for stablecoins at a July 19 meeting of the President’s Working Group on Financial Markets (PWG) might have also contributed to the strong bearish sentiment.