Bitcoin prices (XBT) fell 8% Friday, going briefly to under $36.000, while other cryptocurrencies also saw their values fall, and have plunged about 36% in May-their worst monthly performance since September 2011, CNN reports.
It climbed back above the $36,000 level later Friday morning, trading at $36,754.01, while ethereum’s price fell 7.7% to $2,560.78 a coin and dogecoin’s price fell 5% to 31 cents. The stablecoins, such as Tether and USD Coin, which are tied to government-backed currencies, have lived up to their name and are flat for the month.
The latest price falls comes a day after Cathie Wood, longtime bitcoin bull, founder and CEO of Ark Investment Management, argued that bitcoin has a place in the world of deflation. Wood said at CoinDesk’s Consensus 2021 conference on Thursday that emerging markets could ultimately spur outperformance in bitcoin.
Bitcoin investors have sold in May and the steady torrent of bad news pushed bitcoin downward since it hit an all-time high above $64,000 in April.
According to Peter Smith, CEO of Blockchain.com, it is really easy to be a crypto investor, but extremely difficult to be a crypto trader since it’s a very high volatility market that can crush you easily.