Bitcoin is facing a stormy week and is valued at $ 32,000
Bitcoin is facing a stormy week and is valued at $ 32,000

After a windy week, the cryptocurrency market rallied on Monday, as the value of Bitcoin evaporated by billions of dollars.

After falling below $ 32,000 on Sunday, Bitcoin rebounded above $ 38,000 on Monday.

According to data from CoinDesk, Bitcoin has risen nearly 15% in the past few hours, to $ 39,036. This increased the market value of the world's most popular cryptocurrencies to around $ 711.9 billion.

Ethereum is the second most popular cryptocurrency in the world, rising from under $ 1,800 on Sunday to over $ 2,400 on Monday.

Ethereum traded at around $ 2,403 in the last trade, an increase of 25.5% in 24 hours, and its market cap at $ 278.8 billion.

Dogecoin has also shown signs of a recovery, dropping from 24 cents on Sunday to 34 cents on Monday.

In general, the cryptocurrency market was active on Monday and some of the lesser known currencies have declined in the past 24 hours.

Cryptocurrency sales last week came after authorities in China and the United States tightened regulations and tax compliance on cryptocurrencies.

On Friday, Chinese authorities called for stricter monitoring of mining and cryptocurrency trading. The US Treasury announced Thursday that it is requiring stricter compliance with the US Internal Revenue Service (IRS) on cryptocurrencies.

Bitcoin plunged more than 30% to nearly $ 30,000 on Wednesday, its lowest price since late January, while the cryptocurrency peaked at nearly $ 65,000 in April.

The sell is a major reversal of the cryptocurrency and appears to be gaining momentum among the major Wall Street banks and public corporations.

However, Bitcoin has been hit by a flurry of negative news from major influencers and regulators this month.

Tesla CEO Elon Musk added to the rising mood by announcing in February that his company had bought $ 1.5 billion in Bitcoin and announced earlier this month that the carmaker had been suspended due to environmental concerns. The use of cryptocurrencies to purchase cars has led to an increase in fees.

Musk then sent conflicting messages to his Bitcoin site, implicitly saying in a tweet that Tesla may have sold its property to indicate that it did not sell it later.

Asset classes are still very volatile and prices can fluctuate wildly based on a tweet or public comment.

A report by JPMorgan showed that major institutional investors have abandoned Bitcoin and switched to gold, raising questions about institutional support for cryptocurrencies.

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