Bitcoin recovers to $35k after dipping more than 14% on Sunday

New Delhi: Bitcoin once again crossed the mark of $35,000 on Monday after sliding by more than 14% on the weekend. The overall decline still stands at 6.36 per cent decline in the past 24 hours as the investors continue their sell-off which has led to the decline of the world’s biggest and most popular cryptocurrency.

Just like Bitcoin all other cryptocurrencies also fell 20-30 percent on Sunday as the effect of last week’s bloodbath and China’s strictness continues.

Major cryptocurrencies like Ethereum, XRP and Cardano also saw a decline of  7.09 per cent, 13.49 per cent and 7.88 per cent in the past 24 hours, respectively. Even the crypto coin backed by Elon Musk himself, Dogecoin saw a decline of 11.83 per cent in the past day. The data also suggests that both Bitcoin and Ethereum have lost half of their values after reaching all-time highs in early April.

In the past 24 hours, Bitcoin price dipped by 14.95 per cent to reach $31,179.69 on Sunday, wiping out all the year-to-date gains, but later recovered a bit to $35,042 on Monday. One of the main reason behind the continuous freefall of cryptocurrency prices is believed to be Huobi’s plan about scaling back some offerings in some countries countries as China’s tough stance against cryptocurrencies continues.

Chinese financial industry groups, last week announced a ban on institutions from offering cryptocurrency registration, trading, clearing, and settlement. The move worked as an oil to the fire started by Tesla CEO Elon Musk, when he reveres his decision on Tesla accepting bitcoin as payment.

According to Reuters, Beijing has taken steps before to block the domestic access to cryptocurrency exchanges, but its latest directive was broader. The new rules ban cryptocurrencies’ use in payment and settlement. It also prohibits institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or any other foreign currency.