Bitcoin nosedived another 13% on Sunday, dropping to around $31,227. The latest selloff left the world’s top cryptocurrency down over 50% from its mid-April peak.
Bitcoin recovered to $36,554 per token on Monday. It hit a high for the year of $64,895.22 on April 14.
“Many point to bitcoin’s volatility as untenable,” RBC Capital Markets’ Amy Wu Silverman wrote, according to Reuters. “Indeed, bitcoin makes severe and dizzying swings.”
Other major cryptocurrencies, including dogecoin and ether, also plunged overnight, deepening losses that began earlier this month. Ether dropped 17% to $1,905 on Sunday, losing $391.31 from its previous close. Dogecoin was down 60% from its all-time high of around 74 cents earlier this month.
Analysts say the news that crypto exchange Huobi is scaling back some of its offerings in some countries, due to China’s increasingly hard line on cryptocurrencies, could be the reason behind the recent meltdown.
Stock loses half its value in less than a week and people still invest? if this was any stock, investors would call it insane.