Bitcoin News

Bitcoin Reverses its Weekend Rally to Fall Below $40,000 Level

Bitcoin prices fell on Monday after reaching their highest levels since May during the weekend. Over the previous two weeks, Bitcoin has soared, breaking over the top limit of a long-running trading range of $30,000 to $40,000. On Saturday, bitcoin reached $42,390, the cryptocurrency’s highest level since May 20.

The Crypto Market

According to CoinDesk, the world’s most valuable cryptocurrency by market capitalization has plummeted almost 4% to $39,748.5. Ether, the ethereum blockchain network’s token, dropped to $2,560, while dogecoin declined nearly 3% to $0.20. Other digital currencies, including Stellar, XRP, Litecoin, and Uniswap, have fallen 3-8 % in the previous 24 hours.

Cryptocurrency prices have surged due to billionaire Elon Musk and Cathie Wood of Ark Investment Management LLC.

Bitcoin is down 40%

Even while bitcoin is down approximately 40% from its all-time high of over $65,000 in April, it is up 14 % in the last month and up 38 % year to date.

In other news, leading cryptocurrency exchange Binance has announced that it would phase out its futures and derivatives business in Europe. This is the latest step by the platform to reduce its product offering as regulatory pressure mounts worldwide.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.