Bitcoin's wild ride gives traders no rest on Sunday

seekingalpha2021-05-24

Bitcoin's (BTC-USD) wild swings continue through the weekend, taking a downturn on Sunday, sliding to as low as ~$31.1K.

In the past 24 hours, the world's largest crypto drops ~13% to $32.9K as of 2:22 PM New York time.

One metric gauging implied volatility on bitcoin, similar to the U.S. stock market's VIX index,topped 130, Bloomberg reported, exceeding the VIX's all-time high.

The slump extends a volatile week for bitcoin, during which China and the U.S. in different ways vowed to tighten cryptocurrency regulation and Elon Musk tweeted statements that appearedto condemnthensupport bitcoin.

Ethereum (ETH-USD) drops 16% to $1,292.20, dogecoin (DOGE-USD) falls 13% to 29 cents, Binance Coin (BNB-USD) slides 25% to $231.46, Cardano (ADA-USD) slumps 21% to $1.16.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
9