Bitcoin slips below $30,000, the lowest in nearly five months

The price of bitcoin has dropped below $30,000 as the bearish sentiment in the crypto market continues.

At the time of writing, bitcoin is trading at around $29,800. The last time when bitcoin went below $30,000 was on January 27, when the cryptocurrency hit a low of $29,367.

As a result of the price drop, bitcoin’s market capitalization has plunged from a recent over $1 trillion to nearly $660 billion, according to tracker CoinGecko.

Meanwhile, ether (ETH), the second-largest cryptocurrency after bitcoin, is trading at around $1,770. ETH was over $4,000 in mid-May.