The price of bitcoin has crashed once again over the weekend, leading a market-wide nosedive that shows no signs of slowing down on Monday morning.
Nearly $200 billion was wiped from the cryptocurrency market since Sunday, adding to a further $200bn in losses over the last week.
Bitcoin was back below $33,000 at the start of the week for the first time since early June, though it still remains way up when looking at the year-on-year charts for 2021.
The latest drop has led to fears that more losses could be on the way, as a pattern known as the “death cross” has been reached. This is where the 50-day moving price average falls below the 200-day moving average, potentially signalling the arrival of a bear market.
Other leading cryptocurrencies also suffered, with Ethereum (ether), Cardano (ada), Binance Coin and dogecoin all dropping by a similar margin to bitcoin.
You can follow all the latest news, analysis and expert price predictions for the crypto market right here.
China crackdown on bitcoin mining
The latest losses may have been spurred on by concerns that China will continue to crackdown on bitcoin mining.
The ban has already been expanded to the province of Sichuan, where authorities ordered the closure of 26 mining facilities last week.
In the long term, this could actually be good news for the cryptocurrency, as the majority of the bitcoin mines in China ran off non-renewable sources like coal. It is hoped that miners will shift to countries and locations that favour clean energy.
You can read the full story here.
Anthony Cuthbertson21 June 2021 09:37
Bitcoin price crash continues into Monday
Hello and welcome to The Independent’s live coverage of the cryptocurrency market.
The price of bitcoin has continued to crash on Monday morning, following a market-wide downturn over the weekend.
A 7 per cent price fall over the last 24 hours for BTC was mirrored by other leading cryptocurrencies, with Ethereum (ether), Cardano (ada), Binance Coin and dogecoin all falling by between 5-10 per cent since Sunday.
We’ll have all the latest news and analysis from market experts right here.
Anthony Cuthbertson21 June 2021 09:18