Bitcoin fell below $30,000 on Tuesday, hitting the lowest level since January 28.
The cryptocurrency traded at $29,700 bringing the year-to-date gain down to just 3%, according to CoinDesk 20 data.
The drop comes a day after the People’s Bank of China ordered the country’s major financial institutions to stop facilitating crypto transactions and signals an end of the four-week-long consolidation between $30,000 and $40,000.
Bitcoin peaked above $64,000 in mid-April and fell by 35% in May on the back of concerns regarding the negative environmental impact of cryptocurrency mining and renewed regulatory crackdown in China.
Other cryptocurrencies were hit harder, with Dash tumbling 22%, XRP falling 21% and Litecoin stumbling 18%. Among more volatile DeFi tokens, Prude was down 68% and Manyswap tumbled 60%, according to data on CoinMarketCap.com, while a handful of others showed losses of more than 80%.