Bitcoin Price Slumps 8 Percent as Cryptocurrency Heads for Bruising Monthly Drop
Bitcoin slumped on Friday to its lowest this week, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40 percent so far this month.
The biggest cryptocurrency extended earlier losses, falling as much as 8.2 percent to $35,339 (roughly Rs. 25.9) as it stayed pinned in this week’s relatively tight trading range. It was last down 6.2 percent.
“Bitcoin (price in India) is currently in a bit of ‘slumber mode’ trading in the range of $34,000 (roughly Rs. 24.6 lakhs) and $40,000 (roughly Rs. 29 lakhs),” said Ulrik Lykke, executive director at crypto hedge fund ARK36.
“Many traders are acknowledging that price seems to be range-bound for the moment, why they may be hesitant to take a position with high conviction.”
The cryptocurrency has lost 37 percent in May, which if sustained would be its worst monthly performance since September 2011.
Its drop was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and Tesla’s move to halt payments over worries about energy use.
