Cryptocurrencies attempt a positive start to the week after wild plunges

The crypto market edged higher Monday after a week of hell during which billions of dollars were wiped off the value of bitcoin and ether. The price of Bitcoin edged upwards towards $37,000 on Monday after plummeting to less than $32,000 on Sunday. Bitcoin was up around 8% at $36,764.83 in the 24 hours leading up to 5:00 a.m. ET, according to CoinDesk, which put the market cap of the world’s most popular cryptocurrency at around $686 billion.

Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. Chinese authorities called for tighter regulation on crypto mining and trading on Friday, and the U.S. Treasury announced Thursday that it would require stricter crypto compliance with the IRS.

Bitcoin on Wednesday plunged more than 30% at one point to nearly $30,000, its lowest price since late January, according to Coin Metrics. The cryptocurrency peaked in April near $65,000. The sell-off is a major reversal for the cryptocurrency, which appeared to be gaining traction among major Wall Street banks and publicly traded companies. This month, however, bitcoin has been hit by a series of negative headlines from major influencers and regulators.

Cryptocurrencies attempt a positive start to the week after wild plunges, CNBC, May 24