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Crypto market continues meltdown over the weekend

By Andrei Chirileasa

04:14, 24 May 2021

Bitcoin on red background

The cryptocurrency market continued its meltdown on Sunday, after a horrific week for investors, but bounced back slightly on Monday morning. The new losses came after two large cryptocurrency mining operators in China announced they would suspend operations in the country amid Beijing’s renewed efforts to crack down on crypto mining and trading, according to Coindesk.com.

Bitcoin’s price fell by as much as 15% on Sunday to under $32,000, at which point it was down by about a third over the last seven days. On Monday morning, the bitcoin was back above $35,000 but still far from its all-time high of more than $64,000 touched in mid-April.

Ethereum and altcoins take stronger blow

Ethereum (ETH), the second-biggest cryptocurrency by market capitalisation, dropped by 20% on Sunday marking a loss of about 50% over the week. The ETH price briefly dipped under $1,800, but then bounced above the $2,100 level over the night. On 12 May, ether was trading at more than $4,300, its highest level ever.

ETH/USD

3,268.87 Price
-2.210% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

DOGE/USD

0.39 Price
+13.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

BTC/USD

88,567.50 Price
+0.330% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

SOL/USD

213.93 Price
-3.170% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

Binance coin, Polkadot and Uniswap were among the most battered crypto assets last week. They were recording weekly drops of more than 60% on Sunday evening.

The overall capitalisation of the global cryptocurrency market fell under $1.25trn on Sunday, from over $2.18trn one week before and an all-time high of more than $2.5trn on 12 May. On Monday morning, the market’s value was little over $1.45trn, according to Coinmarketcap.com.

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Read more: Over 0bn evaporates from global crypto market after bitcoin crash

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