Bitcoin crash wipes out nearly all the cryptocurrency's gains for 2021

The price of bitcoin continues to swoon, sliding below $30,000 in early trading on Tuesday and giving up nearly all of the digital currency's gains for the year, according to Coindesk.

Bitcoin reached a high of $64,829 in April, while other cryptocurrencies also soared. Ethereum topped $4,100 in May, up 466% for the year at the time, but has since sunk to less than $1,900. The sharp swings underscored the speculative nature of cryptocurrencies since their emergence in recent years, with factors such as a recent regulatory crackdown in China and various tweets by Elon Musk sending their value careening unpredictably.  Proponents of cryptocurrencies have touted their upside as investments as well as their potential utility in global commerce. Wall Street banks including JPMorgan Chase and Goldman Sachs have allowed clients to invest in bitcoin. Cathie Wood, the CEO of ARK Investments and a prominent crypto booster, in November predicted that the price of bitcoin could reach $500,000.