Bitcoin drops further toward $30,000 as confidence in cryptocurrency falls again

Bitcoin’s selloff accelerated Monday, pushing it closer to $30,000 once again.

The world’s largest digital coin, down as much as 3.3% at one point during the session, continues to ebb closer to the pivotal round-number level, trading around $30,830 as of 5:27 p.m. in New York. Chartists are watching to see if it breaks below that support, which could exacerbate its decline and set it up for its lowest close since the start of the year.

The retreat comes amid a broader risk-off environment that’s also seen US equities fall due to fears of slowing growth and a relentless spread of the delta variant of Covid.