Bitcoin plummeted below $30,000 for the first time since July 2021 on Tuesday, as investors flew to cryptocurrencies in concerns of aggressive US monetary tightening and increasing inflation.

The world’s largest cryptocurrency by market capitalization fell as low as $29,764 on Tuesday before rebounding more than $30,000, continuing a recent price decline as investors abandon riskier assets.

Bitcoin’s value has dropped by more than half since hitting a peak of almost $69,000 in November.

While many traditional investors consider bitcoin as a dangerous investment, crypto enthusiasts see it as a method to safeguard against inflation.

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