Monday the bitcoin it fell below $ 40,000, after climbing to its highest level since May over the weekend.
The largest cryptocurrency fell 4.9% and was trading at $ 39,790 in the morning in Hong Kong. Other cryptocurrencies have also fallen, including Ether, which is in second place.
Analysts pointed out that profit-taking is behind these declines.
This is “just a natural pullback in the wake of the bullish move,” said Vijay Ayar, head of Asia Pacific at cryptocurrency exchange Luno in Singapore, according to Bloomberg.
The downturns brought Bitcoin back in top of range from trading of $ 30,000 – $ 40,000 that was in force since the cryptocurrency suffered a defeat in May.
The cryptocurrency has received a boost in recent weeks from supportive comments from billionaire Elon Musk and investor Kathy Wood of Ark Investment Management LLC, as well as speculation about e-commerce giant Amazon’s possible entry into the cryptocurrency sector.
At the same time, the control of the sector is intensifying and, along with the repression in China, that also includes pushing US lawmakers to impose stricter rules on cryptocurrency investors to collect more taxes in order to finance part of a planned $ 550 billion investment in transportation and energy systems. .
Cryptocurrency traders are also waiting for the expected Ethereum network update this week, which could raise the price of Ether on the network by dampening the pace of growth of the cryptocurrency supply.
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