Volatility continues in cryptocurrency markets upon June's arrival
Bitcoin continued its volatility into early Tuesday morning as the cryptocurrency began the day shortly after midnight valued at $36,641, close to it's 24-hour low, Coindesk reported.
Nearly two hours later, Bitcoin hit its daily high, trading at $37,408 before once again beginning a steady decline. As of 4:30 a.m. Tuesday, Bitcoin's value dropped to $36,281.
For the 24-hour period ending at that time, Bitcoin was trading at $36,160, a gain of 0.25%. Several weeks ago, Bitcoin reached its all-time high of $64,829.14, Coindesk reported.
BITCOIN CONTENDS WITH BIGGEST MONTHLY DROP ON RECORD
Bitcoin was not having a good May with the currency down 36% for the month through early Monday. A finish below $34,885 would cement the cryptocurrency’s worst month on record.
Bitcoin prices came under pressure in May amid concerns the cryptocurrency market could face increased scrutiny from regulators both in the U.S. and abroad.
Cryptocurrencies were highly volatile in May and have shown similar signs in June thus far. (Photo by Yuriko Nakao/Getty Images) (Yuriko Nakao/Getty Images)
Federal Reserve Chairman Jerome Powell this month floated the possibility that the central bank could create its own digital currency and was looking into ways to tighten regulation. The Internal Revenue Service said cryptocurrency transfers over $10,000 needed to be reported.
Ethereum began Tuesday at $2,624, but within nearly two hours, the cryptocoin was trading at $2,710. Since 2:10 a.m. Eastern time, Ethereum has been sliding and as of 4:30 a.m. Eastern time stands at $2,584.
For the 24-hour period ending at that time, Ethereum was trading at $2,571, up 3.64%.
In early May, both Ethereum and Dogecoin were extremely volatile after Tesla product architect Elon Musk appeared on NBC's Saturday Night Live.
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XRP, another cryptocurrency, is trading at $1.01 at 4:45 a.m. Eastern time, up 0.74.