Cryptocurrencies crushed by weekend sell-off

Bitcoin’s value lost about a quarter of its value over the weekend compared to the situation in mid-April. Other virtual currencies, which faced massive sell-offs on Friday, were also similarly on this.

Still about mid-April, Bitcoin was trading at nearly $65k, marking the historically highest level of price at which the value of the oldest and most popular cryptocurrency climbed. But since then we have been able to witness virtually continuous descent. The latter was mild at first, as Bitcoin could still be bought for around $60 thousand.

The bigger slump came in the middle of the past week, when the price of Bitcoin fell below $53k and another dramatic fall came on Friday. Bitcoin thus fell below the $48k mark at one point. It traded at that price for the last time early this March. While there was growth above $50k over the weekend, on Sunday, however, Bitcoin again dipped below that psychological limit.

Alternative digicurrency Ethereum has also seen similar developments, which set its historical record (over $2600) only on Thursday. Over the weekend, the price dropped to subsequently rise and then went down again. On the night for Monday, the Ethereum currency struggled for the $2300 mark.


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