After giving a shock to crypto investors on Friday, Bitcoin regained its momentum on Saturday to trade 0.1 per cent higher. The cryptocurrency had plunged by 9.2 per cent, wiping its weekly gains.
On the weekend, the world’s largest cryptocurrency by market capitalization was trading up by 0.14 per cent at $35,124.84, with a market cap at $657,573,373,096, data on CoinGecko showed.
The crypto market started its bearish trend after U.S. President Joe Biden’s administration released a $6 trillion budget plan and expressed concerns over the damage caused by the cryptocurrency mines on the environment.
In addition to this, the banking authorities have also been attacking the cryptocurrency for its volatility. In recent reports, Bank of Japan Governor Haruhiko Kuroda said that Bitcoin is “barely used as a means of settlement. Most of the trading is speculative, and volatility is extraordinarily high”.
On May 23, BTC dropped to a one-month low of $33,140, data on CoinDesk 20 showed. The plunge was also led by Tesla’s reversal of its decision on Bitcoin Payment for its EV cars.