Bitcoin down almost 50% from year's high
Tuesday, 05 25 2021, Category: Economy, Country: World
Bitcoin fell 13% on Sunday after the world's biggest and best-known cryptocurrency suffered another sell-off that left it down nearly 50% from the year's high.
Bitcoin fell to $32,601 at 1800 GMT (2 p.m. ET), losing $4,899.54 from its previous close. It hit a high for the year of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, dropped 17% to $1,905 on Sunday, losing $391.31 from its previous close.
Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.
"Many point to bitcoin's volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. "Indeed, Bitcoin makes severe and dizzying swings."