Consumer

Bitcoin takes big loss, falls 13% over weekend

May 24, 2021 5:38 AM

Published May 24, 2021 7:54 AM

(KYMA, KECY/ CNN) - A big tumble over the weekend capped a week of losses for Bitcoin investors where the cryptocurrency giant lost 13% of its value on Sunday.

It was trading at about $33,000 per coin Sunday morning, which is down significantly from its all-time high of more than $64,000 per coin last month.

In classic Bitcoin form though, it had already picked up $2,000 by Sunday evening as cryptocurrencies are known for their volatility and swift reaction to the news cycle.

Tesla CEO, Elon Musk, tweeted his continued support for the crypto market Saturday morning which gave Bitcoin a needed boost.

That came days after a massive crypto crash wiped out $1 trillion in market value on Wednesday. But as usual, most other cryptocurrencies have followed Bitcoin's price swings.

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Cole Johnson

Cole Johnson is News 11’s Sports Director.

Contact Cole at cole.johnson@kecytv.com.

CNN

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