Bitcoin, the leading virtual currency has fallen by 20%, barely five days its price pass $30,000 on Saturday for the first time in just its latest record high.
According to Fortune.com The week is off to a bearish start for cryptocurrency as the price of Bitcoin fell nearly $10,000 from its Friday high of nearly $42,000, temporarily ending an unprecedented rally.
On Monday morning, Bitcoin was trading under $33,000—a more than 20% drop from its recent high—while some other cryptocurrencies fell still further.
The fall in crypto value comes amid a broader retreat on Monday for stocks, and a resurgence in the U.S. dollar.
While Bitcoin’s latest price tumble is dramatic in percentage terms, it is well shy of the wipeout that occurred last spring at the outset of the pandemic. In March, the digital currency fell nearly 60% to a low of around $3,800.
This week’s price collapse is also just the latest in Bitcoin’s long history of crashes, which have defined the currency since it launched in 2009. Other notable setbacks include a fall from $29 to $2 in 2011, and the popping of the 2017 bubble, which saw Bitcoin bottom out near $3000 after hitting a then-record high of nearly $20,000.
Culled from Fortune
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