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| Crypto market struggles as both bitcoin & ethereum start week in the red | Crypto market struggles as both bitcoin & ethereum start week in the red |
| (about 2 months later) | |
| Major cryptocurrencies are down on Monday despite a slight rally over the weekend, with bitcoin trading around 3% lower at $34,231 and Ethereum losing 3% at $2,272. | Major cryptocurrencies are down on Monday despite a slight rally over the weekend, with bitcoin trading around 3% lower at $34,231 and Ethereum losing 3% at $2,272. |
| By Monday morning, the broader cryptocurrency market had also lost more than 2.8% of its value, data provider CoinMarketCap states. | By Monday morning, the broader cryptocurrency market had also lost more than 2.8% of its value, data provider CoinMarketCap states. |
| A record high for bitcoin earlier this year – over $64,000 in mid-April – drove the broader cryptocurrency market to reach a value of more than $2 trillion. Since that time, the crypto market has lost over half its value and is currently worth around $1.4 trillion. | A record high for bitcoin earlier this year – over $64,000 in mid-April – drove the broader cryptocurrency market to reach a value of more than $2 trillion. Since that time, the crypto market has lost over half its value and is currently worth around $1.4 trillion. |
| Last month, bitcoin suffered a daily plunge of over 11%, dragging the cryptocurrency down to its lowest level this year – $28,993. The drop came after the People’s Bank of China summoned banks and payment companies and ordered them to stop facilitating crypto transactions in a further step of the nationwide crackdown on cryptocurrencies. Growing concerns about bitcoin’s energy use also added to stalling momentum for the crypto market. | Last month, bitcoin suffered a daily plunge of over 11%, dragging the cryptocurrency down to its lowest level this year – $28,993. The drop came after the People’s Bank of China summoned banks and payment companies and ordered them to stop facilitating crypto transactions in a further step of the nationwide crackdown on cryptocurrencies. Growing concerns about bitcoin’s energy use also added to stalling momentum for the crypto market. |
| However, experts say it’s not over for bitcoin – or cryptocurrencies in general. | However, experts say it’s not over for bitcoin – or cryptocurrencies in general. |
| “When you go too high, too fast, you are bound for a correction,” Alex Mashinsky, chief executive officer and co-founder of the centralized cryptocurrency lending platform Celsius, told Cointelegraph at Bitcoin 2021 in Miami. He also predicted that bitcoin could reach as high as $160,000 this year: “We haven’t seen the highs yet for 2021.” | “When you go too high, too fast, you are bound for a correction,” Alex Mashinsky, chief executive officer and co-founder of the centralized cryptocurrency lending platform Celsius, told Cointelegraph at Bitcoin 2021 in Miami. He also predicted that bitcoin could reach as high as $160,000 this year: “We haven’t seen the highs yet for 2021.” |
| Increased institutional adoption of the crypto also sends a positive message, with Sotheby’s, the world’s largest broker of fine art and jewelry, for instance, announcing in June it will accept cryptocurrency for the first time as payment for a rare diamond, which is expected to fetch up to $15 million at an upcoming auction in Hong Kong. | Increased institutional adoption of the crypto also sends a positive message, with Sotheby’s, the world’s largest broker of fine art and jewelry, for instance, announcing in June it will accept cryptocurrency for the first time as payment for a rare diamond, which is expected to fetch up to $15 million at an upcoming auction in Hong Kong. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |