Bitcoin slid on Monday amid a fraying appetite for riskier investments and an intensifying cryptocurrency crackdown in China.
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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.
Bitcoin dropped to a three-month low on Monday in the wake of Elon Musk’s hinting over the weekend that Tesla is considering or may have already sold some of its bitcoin holdings.
Having earlier said Tesla would accept bitcoin as payment, Elon Musk this week reversed that position, stating cryptocurrencies’ “promising future cannot come at a great cost to the environment”.
Cryptocurrency ether hit a record high on Wednesday, taking gains this year to almost 500% on the back of a growing interest in decentralised finance applications.
Parabolic jumps in digital tokens such as ether, dogecoin and binance coin are outshining bitcoin, prompting more questions about whether that segment of the cryptocurrency sector is ripe for a reckoning.