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- Major cryptocurrencies suffered double-digit declines as volatility extended into the weekend.
- At Consensus 2021, investors pondered whether the sell-offs signal the end of this bull cycle.
- They also shared how bitcoin can live up to Hal Finney’s historic $10 million price prediction.
It was the kind of volatility that keeps investors’ eyes glued to the screen.
As last week’s wild fluctuations extended into the weekend, none of the major cryptocurrencies was spared from double-digit declines. Bitcoin and ether tumbled as low as $31,384 and $1,758 on Sunday before rebounding to around $39,000 and $2,600, respectively, as of 4:30 p.m. ET on Monday.
The most recent pullback was said to have stemmed from an official statement summarizing Chinese vice-premier Liu He’s comments at a state council meeting on May 21. The meeting, which was focused on preventing financial risks, mentioned specifically the need to “combat mining and trading of bitcoin,” according to the Chinese government’s website.
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