Bitcoin's price traded below $30,000 late Monday amid continued turbulence in the crypto market.

According to data from TradingView, BTC fell to $29,825 before posting a recovery. At press time, the cryptocurrency is trading at $29,850.

Source: TradingView

As reported earlier Monday, the algorithmic stablecoin UST has incurred a significant price decline, falling more than 30% on Binance against USDT. At press time, UST is trading for roughly $0.67, with a low of $0.6065.

Speaking to The Block on the market situation Monday, Genesis Global Trading head of derivatives Josh Lim said that "[w]e're seeing a slow-motion meltdown, partially because it's mostly been long holders selling (instead of levered liquidations) and also because OTC market structure has shifted to slow-moving algo executions instead of at-risk blocks."

"Now that some corporate treasuries are underwater on their BTC cost basis and others are very close, markets are waiting and watching to see if shareholders will force some de-risking," he continued.

Frank Chaparro contributed reporting.