• By The Financial District

BITCOIN DOWN 50% FROM LAST YEAR’S HIGH

Bitcoin fell 13% on Sunday, May 23, 2021, after the world's biggest and best-known cryptocurrency suffered another sell-off that left it down nearly 50% from the year's high, Reuters reported.

Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.

Bitcoin fell to $32,601 at 1800 GMT (2 p.m. ET, 2 a.m. on May 24, 2021 in Manila), losing $4,899.54 from its previous close. It hit a high for the year of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, dropped 17% to $1,905 on Sunday, losing $391.31 from its previous close.


Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours. "Many point to bitcoin's volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. "Indeed, Bitcoin makes severe and dizzying swings."


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.


In addition, on Friday China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.


China's Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more. The statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, was a sharp escalation of the country's push to stamp out speculation and fraud in virtual currencies.



WEEKLY FEATURE : TRUEMONEY PHILIPPINES BUCKS THE COVID-19 CHALLENGE

Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.
Happyornot makes feedback terminals measuring customer satisfaction sing smiley-face buttons.