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.

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