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.