Bitcoin has dropped below $30,000 for the first time in weeks as the cryptocurrency falters in the face of economic and regulatory concerns.

As of Tuesday, the digital asset was valued at about $29,500 per coin, a 3.3% downward shift in the past 24 hours. Ethereum hovered at about $1,745, Ripple plunged 5.5% to $0.52, and Cardano fell more than 7% to land at $1.04.