Bitcoin, Ethereum attempts a positive start the week after the wild plunge

A visual representation of digital currencies.

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The crypto market rose on Monday after a week of hell where billions of dollars wiped out the value of Bitcoin and ether.

Bitcoin prices rebounded above the $ 38,000 level on Monday after plunging to less than $ 32,000 on Sunday. Bitcoin was up about 14.74% to $ 37,993.96 in 24 hours until 11:25 am Eastern Standard Time, with the world’s most popular cryptocurrency having a market capitalization of about $ 711.1 billion, according to CoinDesk data.

Ether, the world’s second most popular cryptocurrency, has risen from less than $ 1,800 on Sunday to over $ 2,400 on Monday. According to CoinDesk, it traded at about $ 2,461.97 at 11:25 EST, up 26.1% in 24 hours and had a market capitalization of about $ 285.6 billion.

Elsewhere, Dogecoin also showed signs of recovery, with prices rising from 24 cents on Sunday to 34 cents on Monday.

Broadly speaking, the crypto market on Monday was the green sea, with some lesser-known coins falling in the last 24 hours.

The sale of cryptocurrencies last week came after Chinese and US authorities moved to tighten cryptocurrency regulation and tax compliance.

Chinese authorities Called for stricter regulations Friday cryptocurrency mining and trading, and US Treasury Announces Thursday said it would require stricter cryptographic compliance with the IRS.

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According to Coin Metrics, Bitcoin plunged more than 30% at a time to nearly $ 30,000, the lowest price since late January. Cryptocurrencies peaked at nearly $ 65,000 in April.

The sale was a major reversal of cryptocurrencies and appeared to be gaining momentum among major Wall Street banks and publicly traded companies. But this month, Bitcoin was hit by a series of negative headlines from major influencers and regulators.

Tesla CEO Elon Musk helped his company fuel bullish emotions Announced in February It bought $ 1.5 billion in Bitcoin and hit it earlier this month when automakers announced that they had suspended their vehicle purchases using cryptocurrencies because of environmental issues.

Musk then sent various messages about his position in Bitcoin, suggesting in a tweet that Tesla may have sold his holdings, but later revealed that it wasn’t done. I made it.

“Asset classes remain very volatile and could result in significant price fluctuations resulting from a single tweet or public comment,” CIBC analyst Stephanie Price said in a note Thursday.

JPMorgan’s report shows that large institutional investors are dumping Bitcoin in favor of gold, questioning institutional support for cryptocurrencies.

— Additional report by CNBC’s Hannamiao.

Bitcoin, Ethereum attempts a positive start the week after the wild plunge

Source link Bitcoin, Ethereum attempts a positive start the week after the wild plunge

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