Bitcoin fell below $ 30,000 on Thursday as the cryptocurrency continued its decline around 2021 after quadrupling in value last year.

The digital currency fell 17% to $ 29,246.77 and deleted around $ 100 billion from the market, according to CoinDesk. It’s now down more than 30% since it hit a high of $ 41,940 earlier this month.

The recent slump, which has come for no clear reason, underscores the volatility of a currency that has become a popular investment for day traders in recent years, despite having limited use in the real world. Bitcoin rose over 300% in 2020 and ended the year exactly where it currently is.

Ether, the digital currency, the second in total value after Bitcoin, fell even further on Thursday, falling 22% to $ 1,053.80. It’s now 27% below its high earlier this week, according to CoinDesk. Ether rose 471% over the past year.

President Joe Biden elected Gary Gensler, former chairman of the Commodity Futures Trading Commission and former banker of Goldman Sachs, as the next chairman of the Securities and Exchange Commission. Gensler started teaching cryptocurrencies at the Massachusetts Institute of Technology in 2018.

CLOCK: The crypto market loses $ 100 billion as investors wait for Biden’s regulatory approach

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