Bitcoin Is Off About 43% From Its Recent Peak
Bitcoin prices stabilized on Monday, after investors endured another weekend tumble for cryptocurrencies.
A Sunday selloff for Bitcoin extended a week of declines following increased scrutiny on the sector by regulators in the U.S. and China.
After soaring earlier this year on a wave of investor interest, the price of cryptocurrencies slumped in the past week. From a May 16 price of $44,062, Bitcoin has dropped about 17%, including Sunday’s decline. It is also down about 43% from its all-time high of $64,788.34 set in April.
As of about 4:30 a.m. ET on Monday, Bitcoin traded around $36,400, bouncing off its 24-hour low of $31,179.69. It had been trading around $34,000 on Sunday evening, according to CoinDesk. Ethereum, the second-largest cryptocurrency, rose to $2,261.62 on Monday, from a 24-hour low of $1,733.58. Dogecoin was trading at 32 cents, well off its 24-hour low of 24 cents.