Bitcoin prices this weekend fell, with the world’s top crypto going down over 50% from its high of April, as another stretch of turbulence hit digital-assets.
Bitcoin prices, at last check, was priced at $32,632 down by 12%, after reaching $31,179, a 24-hour low which cut bitcoin in half from an April high of $64,829.14.
Ether was meanwhile seeing an even worse slump, down by 18% at one point, priced at $1,922 on the session and down by almost 60% from its record high which it reached this month at $4,382.73. It was last lower by 13% at 2,033.
The weekend horrors in crypto got the attention of bulls and market commentators, including billionaire Mark Cuban, who seemed to partly blame the slump on leverage and speculation on alt-coins.
I think this is the “Great Unwind”. Traders borrow to buy Eth, used eth to borrow alt/stable coin, used that to LP a high APY Pair, took the SLPs and staked them to maxout yield. The minute Eth drops to their Tragic Number, they had to Unwind. Unstake, Remove Liqudity, Repay.
— Mark Cuban (@mcuban) May 23, 2021
Popular meme coin, dogecoin was priced at 29 cents, down by 60% from its record high at about 74.07 cents previously this month.
The pullback for crypto continues a drop that has taken over the past few days, as fears of irrational exuberance in the world of digital-assets and worries about heightening calls for regulation on the sector continue.
However, in the greater context, bitcoin is higher by 16% this year (it had been higher by 100% in the ytd), Ether is higher by 175% in 2021, and dogecoin is up over 5,800% this year.
China on Friday announced their plan to crack down on digital assets and the U.S. Treasury said it would enforce anti-money-laundering measures and request that crypto transactions of $10,000 be reported.