Cryptocurrencies popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week.
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Ether investment products and funds posted record outflows in the last week of June, bearing the brunt of negative sentiment on cryptocurrencies.
Bitcoin fell below $30 000 for the first time in nearly five months as China’s latest crackdown on cryptocurrencies weighed.
Bitcoin slid on Monday amid a fraying appetite for riskier investments and an intensifying cryptocurrency crackdown in China.
Bitcoin slipped 4% on Friday after Tesla CEO Elon Musk was at it again — this time firing off a few tweets that appeared to lament a breakup with the cryptocurrency.
Cryptocurrencies fought to find a footing on Monday after even weekend cheerleading from Tesla boss Elon Musk seemed unable offset selling pressure from spooked investors.
The cryptocurrency market nursed its wounds on Friday after a week of pain triggered by a Chinese regulatory warning shot, forced selling and a possible US tax clampdown.
Bitcoin and ether remained under pressure after a bruising US session that left much of the cryptocurrency community in shock.
Virtual currencies are retreating so broadly and sharply, it’s testing the durability of the cryptocurrency boom.