Bitcoin stabilises on Sunday after a massive drop on Saturday
Bitcoin prices slowed down on Sunday after a dramatic selloff on Saturday that saw the cryptocurrency lose almost 20%.
Bitcoin BTCUSD, -1.69 percent was trading about $49,125 at 11 p.m. Eastern on Sunday, after dropping as low as $42,169 in an hour early Saturday.
After Sunday’s rally, bitcoin is still down 14% in the last five days and 20% in the last month. But it’s up 70% so far this year and 158% in the last year.
The abrupt drop Global stock markets fell on Saturday, affecting other crypto assets. Ethereum ETHUSD, -1.03 percent lost almost 15% Saturday, but recovered to trade at $4,175 by Sunday night. According to Coinmarketcap.com, the global crypto market cap lost $400 billion on Saturday before regaining most of it.
Crypto expert Nicholas Merten, founder and CEO of Digifox and host of a famous crypto-focused YouTube channel, tweeted Sunday that bitcoin is not in a bear market, but that its price decrease may continue: