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Bitcoin prices were plummeting again on Sunday afternoon, with the world’s No.1 cipher falling more than 50% from a peak around mid-April, amid yet another wave of turmoil in the digital assets sector.
At last check, bitcoin BTCUSD prices, -4.85% changed hands at $ 32,632 down 12% on the day, after hitting a 24-hour low of $ 31,179, which halved bitcoin from a mid-April peak at $ 64,829.14.
Ether on the Ethereum ETHUSD blockchain, meanwhile, was experiencing an even more severe collapse, falling at one point by 18% to $ 1,922 on the session and down nearly 60% from to its all-time high reached earlier this month at $ 4,382.73. It was last down 13% to 2,033.
The weekend’s carnage in crypto was drawing the attention of bulls and market participants, including billionaire Mark Cuban, who appeared to be pinning the crisis in part on excess leverage and speculation on alternatives to bitcoin.
The popular meme asset, the dogecoin DOGEUSD, -6.34%, changed hands at 29 cents, down 60% from its all-time high at around 74.07 cents earlier this month.
The crypto slide continues a decline that has set in over the past few days, underscored by fears of irrational exuberance in parts of the digital asset market and concerns about intensifying regulation of the nascent industry .
The declines, however, may have inflicted more damage on new investors.
However, to put the declines in a larger context, bitcoin is still up 16% so far this year (it had risen over 100% since the start of the year), the ether is in. up 175% so far in 2021 and dogecoin is on the rise. more than 5,800% so far in the year.
Read: Why is crypto crashing? Will bitcoin prices ever recover? Here’s what traders and investors are saying
China on Friday underlined its intention to crack down on digital assets and the US Treasury Department said it plans to enforce anti-money laundering rules and demand that crypto transactions worth $ 10,000 be reported to government.
A popular measure of concern in the crypto market, the Fear and Greed Index was 14, indicating extreme fear, after reaching a level of greed last month at 55.
The unease in digital assets can spill over to stocks too, with benchmarks in equities including the Dow Jones Industrial Average DJIA, -0.36%, the S&P 500 SPX Index, -0.08% and the Nasdaq Composite Index COMP, + 0.49%, see choppy trading in recent action.
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