On crypto platform Coindesk, bitcoin scrambled slightly from the trough around 7:45 AM (Dutch time) to a level of $ 35 120. after the cryptocurrency took another hit this weekend, halving from its peak of well above $ 60,000 last month. Last week, the digital currency was also in dire straits.
Other crypto coins are also hit hard. For example, ethereum, which peaked well above USD 4,000 in mid-May, has fallen sharply to slightly above USD 2,000.
The enthusiasm to enter bitcoin has moderated considerably this month. Fears of China’s central bank intervention to curb crypto trade played a major role in bitcoin’s new downturn this weekend. Last week, the central bank in China also triggered a sell-off by reiterating that crypto coins cannot be used to pay.
Spanner in the works
Bitcoin also fell sharply earlier this month, mainly due to a number of tweets from billionaire Elon Musk. He announced that his company Tesla will stop accepting bitcoin payments for environmental reasons. He also raised doubts about his position in the digital currency. In January, he had entered the cryptocurrency for $ 1.5 billion with excess money from Tesla.
In April, there didn’t seem to be a cloud in the sky for bitcoin. Supported by major parties that embraced the crypto currency, an unprecedented advance was underway in the first months of 2021.
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