- Bitcoin experienced a setback over the weekend tumbles over 14% on Sunday
- Investors attempt to push the price higher on Monday, trading around $57,000
Weekend Sell-Off Knocks $12,000 Off Bitcoin’s Price
Cryptocurrency investors endured a heavy hit over the weekend as the emerging market suffered a nearly 10% drop. Bitcoin’s price plummeted to a low of $52,300 early Sunday, a decline by 19.50% from its all-time high of nearly $65,000. On Sunday alone, bitcoin tumbled more than 14%.
Prior to entering the weekend, Bitcoin was already off its highs and was trading right above $61,000. The sharp drop was allegedly a result of unsubstantiated reports that the US Treasury Department could be looking to crack down on financial institutions involved with money laundering using cryptocurrencies.
Moreover, the Chinese province Xinjiang, which powers a significant amount of Bitcoin miners, suffered a blackout. As a result, almost half of the Bitcoin network went offline for hours before the electricity was restored.
Investors Try To Keep The Price in Positive Territory
The weekend crypto crash brought the market to price levels that were quickly scooped up by traders and investors. Bitcoin has now recovered by about 10% from its nadir and is trading around $57,000. However, the sharp fall was Bitcoin’s biggest one-day decline in almost two months. Today, Bitcoin is trying to stage a comeback as investors struggle to keep the price in positive territory. The digital asset kicked off the week with a price of $56,300. The current market price is wobbling a little over 1% to the upside as potentially the first day in the green, snapping a three-day losing streak.
Since reaching an all-time high on April 14, Bitcoin has been trading to the downside. For the past three days, the price remained negative as market participants were not able to curb the heavy selling on the back of bad news, propagating around the crypto space.
Nevertheless, Bitcoin is still higher for the year by over 90%. The world’s largest coin, at current market price, remains 14% off its highs above $63,800.
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