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The price of bitcoin fell to almost 50 per cent of its all-time high on Sunday after China announced yet another crackdown on crypto mining.

Ethereum (ether), Cardano (ada), dogecoin and other major cryptocurrencies also took a hit, though remain significantly up compared to the start of 2021.

A market rebound on Monday took bitcoin from below $32,000 to above $36,000, partly assisted by comments from Elon Musk that he preferred cryptocurrencies to traditional fiat currencies.

The technology billionaire, who has been both thanked and blamed for his market-moving tweets in recent weeks and months, also engaged in an indirect debate with ethereum co-founder Vitalik Buterin, claiming “he fears the Doge”.

A number of prominent analysts remain optimistic about bitcoin’s prospects and the direction of the market in general. Figures from blockchain data firm Glassnode reveal that user growth continues to double roughly every year, leading some to speculate that the bull market is “just warming up”.

(Independent)