Bitcoin 'not seen as a currency for transactions' says expert
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The value of Bitcoin hovered above $32,000 on Sunday, raising hopes it could start to recover following weeks of extremely difficult market conditions. But it soon plummeted and fell to as low $31,341 within nine hours yesterday, apparently dashing hopes of a quick recovery for the high-profile cryptocurrency. Bitcoin’s price began to jump, and edged up to just under $32,000 before the end of the weekend.
Its value has since been fluctuating wildly, but is heading in the right direction again, increasing to 31,778.81 according to CoinDesk – down by just under half-a-percent over the past 24 hours.
Rival cryptocurrencies have also continued to struggle, with Ethereum down 3.27 percent over the same period to slump to just 1,901.43.
The price of Dogecoin – the meme coin often backed by Tesla boss and tech billionaire Elon Musk on Twitter – has also plummeted.
Its value has fallen 4.35 percent to just 0.179774, according to CoinDesk, having been as high as 0.722730 on May 8.
Bitcoin’s price has slashed in half over the past three months after surging to a record high in mid-April, and has yet to show any signs of a sustained recovery.
Just weeks later in May, Bitcoin suffered a huge hammer blow after the Chinese Government – home to the world’s second-largest economy – banned the use of the cryptocurrency as a form of payment.
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07:46 Cryptocurrency prices still in negative territory over past 24 hours
The prices of all major cryptocurrencies are still in negative territory over the past 24 hours at the start of the trading week, according to CoinDesk.
Bitcoin’s value is only slightly down by 0.31 per cent to $31,808.38 as it continues to fluctuate wildly.
Ethereum’s price has slumped three percent to 1,906.72, while the value of meme coin Dogecoin has plummeted by four percent to just $0.180005.
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