Bitcoin dives further to $27,785, hovering around lowest level in 16 months

The price of Bitcoin dove further to $27,785 on Wednesday and was hovering around its lowest level in 16 months.

It fell to $29,000 at 4.53 p.m. EDT (2053 GMT), according to data on Binance, the world's largest crypto exchange by trade volume.

With that result, Bitcoin broke below the price of $29,303 that was recorded on July 20 last year, which was regarded by many crypto investors as a strong support level.

Bitcoin struggled to find support at $29,000 and further plummeted to $28,200 just after three minutes with a panic selloff and later plummeted to $27,785 at 5.28 p.m. EDT (2128 GMT).

The latest figure marked the lowest since Dec. 30, 2020, when it fell to $27,418, according to official figures.

The total value of the crypto market stood at $1.24 trillion at the time with more than a 12% loss in a single day, according to data from the digital asset price-tracking website CoinMarketCap.

Source: Anadolu Agency