Bitcoin Breaks Below $30K, Erasing Almost All of 2021's Gains

Bitcoin gains in 2021 dropped below 1% as strong selling continues.

AccessTimeIconJan 22, 2021 at 12:53 a.m. UTC
Updated Sep 14, 2021 at 10:59 a.m. UTC

Bitcoin dropped below $30,000, pushing this week's losses briefly over 17% amid continued profit-taking.

  • Per CoinDesk's prior reporting, the recent drop in bitcoin's price is likely due to widespread profit-taking by U.S. and European investors, according to trading activity on leading cryptocurrency exchange Coinbase.
  • Bitcoin dropped to $29,112 on Coinbase at 0:30 UTC on Thursday, a level reached on Jan. 4 when the leading cryptocurrency started rallying hard to an all-time high of just below $42,000 on Jan. 8.
  • At press time, the price of bitcoin was $30,025, down about 15% over the last 24 hours.
  • Guggenheim's CIO Scott Minerd, who has said bitcoin should be worth $400,000, said yesterday he thinks bitcoin maybe have topped temporarily, saying that a retrace to $20,000 is possible.
  • The continued selling has pushed bitcoin's year-to-date gains below 1%.
  • Bulls may be able to pare losses though, according to Bloomberg analyst Mike McGlone who told CoinDesk, "Bitcoin appears similar to May-June 2017 price range of $3,000-$2,000 before breaking out higher."


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.