Bitcoin free-fall continues, down by 50% since April

Bitcoin free-fall continued on Sunday, with a further 13% depreciation after it suffered another sell-off that left it down nearly 50% from the year’s high.

Bitcoin fell to $32,601 at 1800 GMT, losing $4,899.54 from its previous close.

The world’s biggest and best-known cryptocurrency hit a high for the year of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 17% to $1,905 on Sunday, losing $391.31 from its previous close.

Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.

“Many point to bitcoin’s volatility as untenable,” wrote RBC Capital Markets’ Amy Wu Silverman in a research note published on Saturday.”

Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.

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