Bitcoin (BTC) tumbled on Tuesday, falling below the key level of $30,000 at one point, as the cryptocurrency’s recent sell-off resumed.
The price of the largest cryptocurrency by market value was last down by less than 1% at $31,139.83, according to Coin Metrics. Earlier Tuesday, BTC had fallen as low as $29,207.77, after gaining more than 4% in the previous session to trade above $31,000.
Ether has also seen some losses and it was 1% lower at $1,850.36 on Tuesday. Earlier it dropped to as low as $1,725.01.
The price declines followed a report that the Securities and Exchange Commission is investigating the possibility that the BNB token, a cryptocurrency issued by Binance, could be categorized as a security. BNB led the market-wide sell-off. It’s currently down 6%.
Bitcoin’s value has halved from its all-time high of $68,982 reached in November. The cryptocurrency has witnessed eight straight weeks of losses and dropped below $30,000 last month after the Terra collapse.
“BTC’s increased correlation with equity, stagnated transactions growth … and the emergence of ETH as a store of value rival could weaken BTC’s dominance,” Bernstein analyst Gautam Chhugani, said in a recent note.