The price of bitcoin fell about 10% Tuesday to around $32,000 and is on pace for its third straight day of losses, bringing most other cryptocurrency prices down with it. It’s down 50% from its April all-time high.
The reason for the move was unclear, however it may be related to concerns over security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline.
Analysts, however, say it’s more likely the movement is part of wider consolidation coming off highs from a month ago. In other words, the technical breakdown in the charts is driving the action and technical analysts see a possible bottom as low as $20,000 from here.
Smaller digital coins also slumped, with ether falling about 8% to $2,499.28 and XRP tanking over 7%.