Ethereum (ether), Cardano (ada), dogecoin and other major cryptocurrencies have also been affected, although they remain significantly higher from early 2021.
A market rebound on Monday took bitcoin from under $ 32,000 to over $ 36,000, in part aided by Elon Musk’s comments that he preferred cryptocurrencies over traditional fiat currencies.
The tech billionaire, who has been both thanked and blamed for his tweets that rocked the market in recent weeks and months, also engaged in an indirect debate with Ethereum co-founder Vitalik Buterin, saying ” that he fears the Doge ”.
A number of leading analysts remain bullish on the outlook for Bitcoin and the direction of the market in general. Figures from blockchain data company Glassnode reveal that user growth continues to roughly double each year, leading some to speculate that the bull market is “just getting hotter.”
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Bitcoin price rebounds after weekend turmoil
Bitcoin rebounded Monday morning after falling in price over the weekend.