Bitcoin erases almost half of its all-time peak

Bitcoin, the world’s largest and most sought-after cryptoccurrency, dropped a total of 13% on Sunday. This followed after it encountered another selloff that erased nearly 50% of its all-time record high.

Bitcoin was quoted $32,601 at 1800 GMT, shedding $4,899.54 during its closing session. Prior to this, it recorded a historic high of $64,895.22 on April 14. Ether also dropped, recording a 17% decline to $1,905 on Sunday.

Apart from potential price swings during unpredictable hours, the crash came after investors’ enthusiasm was dampened by a series of tweets from Tesla Chief Executive Elon Musk.  In addition to this, China sought to abolish Bitcoin mining and trading as part of the country’s ongoing efforts to prevent speculative and financial risks.