- Bitcoin and peers slide Monday as positive sentiment fades amid China’s scrutiny
- Bitcoin is lower by 7.5% today, Ether declines nearly 13%, Dogecoin down by 9% on the day
Bitcoin Slides 10% on Monday As Positive Sentiment Fades
Bitcoin slides 10% on Monday as the cryptocurrency market is going through a challenging time trying to come out off the woods. The price of bitcoin declined by nearly 10% to its intraday low of $32,300 per coin. Currently, the largest digital asset remains pressured as the price floats near $33,000, down about 7.5% on the day.
The cryptocurrency market on Monday extended the losses from the weekend. On Sunday, bitcoin slipped but later erased almost all losses and closed the day virtually flat. To kick off the week today, bitcoin’s price approached the lows of the crypto market crash in mid-May when China announced a crackdown against crypto miners and traders.
The focus on Chinese mine closures was back over the weekend as potential regulatory scrutiny shook the emerging market. The hashrate in China is dropping severely while Bitcoin mining farms are being shut down. About 65% of all Bitcoin mining took place in China last year but miners now need to move out and find new places. Most crypto miners see this as a positive sign for Bitcoin although in the short term, it could bring heightened uncertainty to the market.
Chinese Authorities & Tesla’s Decision To Stop Bitcoin Payments
The latest crackdown by the Chinese authorities, coupled with Tesla’s decision to stop accepting Bitcoin as payment, has erased over 50% from Bitcoin’s value in about a month. Bitcoin is now trading 51% below its all-time high of $64,800. The digital asset is barely positive for the year, by cryptocurrency standards, up about 12%. Over the past seven days, Bitcoin has dropped more than 20%.
Other cryptocurrencies are also in decline. Ether is down nearly 13% today, bringing its total loss for the past seven days to over 21%. The token powering the Ethereum network is changing hands at $2,000 on Monday. Dogecoin, the joke cryptocurrency popularized by Elon Musk, has tumbled almost 23% in the past week. The Shiba Inu-themed coin is now trading at $0.25, down 9% on the day.
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