This is a hard time for crypto traders and holders as the cryptocurrency market is currently battling hard with appalling dip which started on May 19.
As at the time of reporting, the value BitcoinÂ is below $33,000, though an improvement from below $30,000 within 24hrs. This is happening for the first time since January, amidst crackdown in China, and a lot of momentum players in the crypto market are already throwing in the towel.
The most popular cryptocurrency has lost more than 50% from its mid-April high of almost $65,000, leaving it up marginally for the year. That compares with a 12% gain for the S&P 500 since the end of December. The coin started 2021 trading around $29,000 following a fourfold increase in 2020.
Other Cryptos Too Are Struggling
Bitcoin, Ethereum, Dogecoin, and every other cryptocurrency have tumbled. Dogecoin has dropped more than 30%, to 17.6 cents. Thatâ€™s a huge fall from its stratospheric high of 70 cents back in April.
Bitcoin slumped to around $29,500, a fall of more than 10%, while Ethereum has crumbled 15%. Etherâ€™s fall has affected thousands of altcoins, most of which are built off the Ethereum blockchain and have a chunk of their value weighted in Ether coins.
The entire market trended down 12%, according to Coinbase, a cryptocurrency exchange. Some analyst are attributing the market crash to China plan cracking down cryptocurrency trading.
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