Photographer: Nicolas Tucat/AFP/Getty Images

Bitcoin briefly dropped below $30,000 for the second time in the past week as the largest cryptocurrency struggles to regain momentum after reaching record highs earlier this month.

The digital asset fell as much as 8.7% to $29,241 Wednesday, before bouncing back from the lowest levels of the day to around $30,770. The last time it traded below $30,000 was Jan. 22, two weeks after setting a record high of $41,982.

Bitcoin falls below $30,000 for the second time in one week

The token surged 300% in 2020 amid speculation that institutional investors were piling in with interest rates at rock-bottom lows. Companies such as MicroStrategy Inc., Square Inc., and crypto miner Marathon Patent Group Inc. have all added some of their company’s cash reserves into Bitcoin amid the rally. The drop is a reminder that Bitcoin is still prone to wild swings.

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