There is a depiction of virtual currency in front of a stock graph.
Major digital coins continued their multi-day sell-off, wiping off around $130 billion from the market's value over the last 24 hours.
According to Coin Metrics, the lowest level for the digital currency in over a year was $33,755.57. The record high hit in November is 50% off.
The price of ether fell to its lowest level since July. The all-time high of ether was in November of 2021.
As investors prepare for tighter monetary policy from the U.S. Federal Reserve and higher interest rates, the movements in cryptocurrencies correlate with selling seen in technology stocks.
The vice president of corporate development and international expansion told CNBC that they are likely to test 30-32K given current sentiment and momentum.
Ayyar said that there could be a base formed if the market moves higher if it holds above $30,000 for a week.
Ayyar said that for the market to be bullish will take a while.
Higher inflation is a problem for investors. The theory that the digital coin is a hedge against inflation has not held up so far. There is a concern that a more hawkish Fed could take the wind out of the market.
Further regulation on the market is being assessed by investors. Russia's central bank proposed banning the use and mining of cryptocurrencies.
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