Bitcoin has fallen below $30,000 for the first time in almost a month.
Tuesday’s painful 24-hour losses of 5.4% have contributed to a seven-day decline of 10.5% — and as is normally the case, the sell-offs are even worse among altcoins.
BTC’s decline may be linked to Grayscale Bitcoin Trust unlocking a large chunk of shares over the weekend, giving investors their first chance to sell in six months.
Its current performance is little improvement on the price of $29,032 that was seen on Jan. 1.
Other factors that haven’t been helping matters related to the fact that on-chain activity has remained “extremely muted” in the past week, according to Glassnode.
Its latest report suggests “Bitcoin block space and on-chain settlement is low, mined blocks are not full, and the utilization of the network is relatively low.”
Whereas the BTC network was settling daily volumes of $15.5 billion when activity peaked in May 2021, this has fallen to just $5.3 billion a day at present.
To make matters worse, most of this transaction volume relates to coins that are being sold at a loss, with median losses currently working out at about $353 million per day.
Elon Musk to Attend Bitcoin Conference
In other developments, it has been confirmed that Elon Musk is going to discuss Bitcoin with Jack Dorsey at a conference on Wednesday — something that could give the markets a little something to cheer about.
“The B Word” is an online panel that has been organized by the Crypto Council for Innovation, and other attendees will include Cathie Wood and Adam Back.