Bitcoin has fallen nearly 40 percent so far this month, taking losses sparked by a growing crackdown in China and environmental concerns.
Bitcoin once fell to US$33,464 (HK$261,019) yesterday morning, before bouncing back above US$36,000. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 44 percent from the year’s high of US$64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, slid 0.65 percent to US$2,449.42 as of last night.
Bitcoin has been less volatile in the past week but losses this month have been heavy, driven by growing regulatory pressures on the sector. It is trading at levels last seen in January and at roughly half its peak value.
“Bitcoin is currently in a bit of ‘slumber mode’ trading in the range of US$34,000 and US$40,000,” said Ulrik Lykke, executive director at crypto hedge fund ARK36.