There were signs that a top was near, from the Coinbase IPO to Elon Musk on Saturday Night Live. But the cryptocurrency has risen from the dead before
Analysts said the upheaval was far from over.
Bitcoin, the biggest and most popular cryptocurrency, rose 8.75 per cent to touch $40,000, after plunging 14 per cent on Wednesday to its lowest since late January.
Stock markets struggled for traction on Thursday after a jittery session on Wall Street where cryptocurrencies crashed
We are bullish on gold and expect gold to test Rs 48,800- Rs 49,400 this week
The two main digital currencies, bitcoin and ether, fell as much as 30 per cent and 45 per cent respectively
Bitcoin is now down more than 50 per cent from its record of almost $65,000 set in April
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US stocks are opening broadly lower, extending a weak streak into a third day.
The sharp declines came after China banned financial and payment institutions from providing cryptocurrency services
The cryptocurrency has tumbled 40 per cent from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.
The yield on 10-year Treasury notes touched a one-week high, driving down shares of Apple Inc, Microsoft Corp and Facebook Inc by about 1 per cent premarket.
Also weighing on digital coins was a new Chinese ban on financial institutions providing services related to cryptocurrency transactions
The value of a crypto depends solely on the equation between supply and demand, and demand is driven solely by sentiment
Inflation is now counted as the biggest risk for markets with 35 per cent of FMS investors agreeing to this, followed by taper tantrum (27 per cent) and asset bubble (15 per cent)
Dogecoin last week jumped about 25% after Musk said he was working with its developers to boost its efficiency.
Over the last six months, consumers have lost over $2 million in cryptocurrency to scammers impersonating Tesla and SpaceX CEO Elon Musk, according to the Federal Trade Commission (FTC)
Central banks in China and Sweden have fairly advanced plans to introduce currencies in electronic form for retail use.