Bitcoin could be heading back to $30,000 after the crypto markets suffered sell-offs on Thursday.

At the time of writing, the world’s biggest cryptocurrency had lost 6.14% in 24 hours — taking BTC as low as $32,133.18.

Looking ahead, it seems that Bitcoin is now likely to retest lower levels after losing its momentum.In other developments, some of the institutions that purchased crypto earlier in the year have been booking impairment charges — confirming that the value of their investments has fallen.

Meitu, a software company based in Hong Kong, announced it has lost $17.3 million because of Bitcoin’s terrible quarter. However, in a rather bittersweet development, it has secured paper profits of $14.7 million on Ether.

Only yesterday, reports suggested that Tesla could be heading for an impairment charge as high as $100 million after BTC effectively handed back all of the gains that it’s made so far this year.

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