The wild ride in bitcoin and other cryptocurrencies accelerated over the weekend, with bitcoin prices falling back near $30,000 and flirting with their lowest levels since late January.
After a punishing selloff last week, bitcoin dropped to $32,919.75 on Sunday afternoon, according to CoinDesk, down 14% over the previous 24 hours and more than 50% from its mid-April high. Bitcoin’s total market value has fallen below $630 billion, down from more than $1 trillion earlier this spring.
By early Monday morning, bitcoin’s price stabilized to trade near $36,700.
“Bitcoin’s intense rollercoaster ride from $18,000 to $64,000 and back to $30,000 over the past six months is a reminder that digital assets are volatile investments,”
Julian Emanuel,
managing director and chief equity and derivatives strategist at BTIG, said in a Sunday research note.
Mr. Emanuel said his year-end price target on bitcoin is $50,000, and he called any near-term volatility tied to regulatory concerns a buying opportunity.
Cryptocurrency research website CoinDesk will hold a conference this week where Federal Reserve Governor
Lael Brainard
and Bridgewater Associates founder
Ray Dalio
are expected to speak Monday. Bitcoin prices are often highly sensitive to changes in tone from regulators and major investors.
After starting the year under $30,000, bitcoin prices peaked at $64,829.14 on April 14—the same day
Coinbase Global Inc.,
the largest U.S. bitcoin exchange, went public in a highly anticipated direct listing.
Momentum has sputtered since then, with investors largely blaming
Tesla Inc.’s
decision to suspend accepting bitcoin as payment for its vehicles and comments from Chinese authorities about the need for tighter regulations.
Tesla Chief Executive
also spurred worries earlier this month that his company would sell its bitcoin holdings, adding further pressure.
He later dismissed that speculation and has tweeted his support for cryptocurrencies in recent days.
Meanwhile, the Chinese government said in a brief Friday statement that it intended to a “crack down on bitcoin mining and trading behavior” as part of broader efforts to guard against financial risk.
The weekend selloff extended to other digital currencies as well. Ether dropped 17% over the previous 24 hours on Sunday, while dogecoin, the joke currency, fell 14%. On Monday morning, ether traded at about $2,300 and dogecoin was worth 33 U.S. cents apiece.
Write to Lauren Pollock at lauren.pollock@wsj.com
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
24World Media does not take any responsibility of the information you see on this page. The content this page contains is from independent third-party content provider. If you have any concerns regarding the content, please free to write us here: contact@24worldmedia.com
Common Mistakes When Using Athletic Field Tarps
High-Performance Diesel Truck Upgrades You Should Consider
Warehouse Optimization Tips To Improve Performance
Fire Hazards in Daily Life: The Most Common Ignition Sources
Yellowstone’s Wolves: A Debate Over Their Role in the Park’s Ecosystem
Earth Day 2024: A Look at 3 Places Adapting Quickly to Fight Climate Change
Millions of Girls in Africa Will Miss HPV Shots After Merck Production Problem
This Lava Tube in Saudi Arabia Has Been a Human Refuge for 7,000 Years
Four Wild Ways to Save the Koala (That Just Might Work)
National Academy Asks Court to Strip Sackler Name From Endowment
Ways Industrial Copper Helps Energy Production
The Ins and Out of Industrial Conveyor Belts
