Bitcoin regained some footing early Monday morning, showing a nearly 4 percent gain after dropping 16% during the day on Sunday.
Most of the major coins plummeted 20% to 30% Sunday, according to Nick Mancini, analyst at crypto sentiment analytics platform Trade the Chain, citing news from crypto exchange Huobi, which announced it was scaling back some offerings in several countries because of China’s increasingly hard line on crypto.
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After setting all-time highs just last month, both bitcoin and ether, the second-largest crypto, have now lost half their value, Coindesk reported.
In early-morning trading, bitcoin stood at $37,505, while Ether was trading at $2,327.
Although Houbi was blamed as the specific catalyst for the plunge, fears remain of a crackdown on crypto in China, along with whispers of coming regulation in the U.S., Coindesk reported.
On May 12, bitcoin was trading above $50,105 after its price plunged 10% following Tesla CEO Elon Musk’s reversal of his stance on the digital currency.
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Musk announced that Tesla, the electric car maker, would no longer accept Bitcoin as payment.