With the latest losses, bitcoin has slid more than 50% from its all-time high above $64,000 in mid-April, but that is still up more than 200% higher the past 12 months.
After topping $64,000 in April, bitcoin has struggled to reclaim its all-time highs since then following a series of events. It came under pressure in May after tech billionaire Elon Musk, who has driven traders into frenzies by mentioning cryptos at times, said Tesla will stop using Bitcoin as a form of payment over concerns of the cryptocurrency's impact on fossil fuels.In early June, bitcoin fell further amid concerns of its use in the Colonial Pipeline ransomware attack.
Ethereum has shed nearly 57% from its all time high of $4,356.99 in May while Dogecoin has shed more than 70% since it touched a record of about 73 cents last month, according to CoinGecko.Cryptos could be poised for further declines based on a closely watched indicator, according to technical analysts.
Some analysts think the May sell-off in bitcoin weakened institutional demand, which is likely to keep prices under pressure in the near term. In 2013, bitcoin began trading around $13 and spiked to more than $1,000 by December. In late 2017, the digital token surged to nearly $20,000, before crashing to almost $3,000 the following year. What followed was a dizzying rise to above $64,000 in April 2021.
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