Bitcoin, News & Updates

Bitcoin market enduring worst month after a decade

Crypto market prices had a moderate roller coaster ride over the Memorial Day weekend, evading the worst concerns of some investors who forecasted a “bloody” weekend of bearishness.

Bitcoin market is down more than 37% so far in May, the prominent coin’s worst monthly performance since September 2011. Bitcoin prices later hit rock-bottom at around $2 in October 2011.

Since its mid-April peak near $65,000, bitcoin has plunged about 45%.

Bitcoin has plummeted nearly 40 percent this month, taking losses triggered by an increasing crackdown in China and environmental concerns.

Bitcoin already fell to US$33,464 (HK$261,019) yesterday morning before rebounding back above US$36,000 last night. The world’s most prominent cryptocurrency, is below 44 percent from the year’s high of US$64,895.22 on April 14.

Bitcoin has been less volatile in the past week, but losses this month have been difficult; driven by growing regulatory stress on the region. It is trading at levels last seen in January and at approximately half its peak value.

The ARK 36 Executive director ARK36 Ulrik Lykke stated that,

Bitcoin is currently in a bit of ‘slumber mode’ trading in the range of US$34,000 and US$40,000. Many traders are acknowledging that price seems to be range-bound for the moment. Why they may be hesitant to take a position with high conviction.”

BTC has lost more than 37 percent in May, which, if steady, would be performing in its worst months since September 2011.

Its decline was sparked by China’s efforts to crack down on mining and trading crypto and automative giant, Tesla’s drive to suspend BTC payments over concerns about energy use.

Energy regulatory bodies in China’s Sichuan provionce will shortly meet local power companies to gather information on cryptocurrency mining, an official said last Thursday, potentially leading to a clampdown in the country’s second-biggest bitcoin production hub.

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