Recently we proclaimed 2021 to be ‘the year of the cryptocurrency’. It was four weeks ago (ages in crypto terms), and a whole raft of major currencies were flying high, having been set on a dramatic upward course around the start of the year. Now though, this bubble – and it was a bubble in a lot of cases – appears to have burst, caused by a number of significant setbacks for specific currencies as well as the whole concept itself such as the tightening of restrictions in China.
The biggest of them all has been no exception to this most recent downfall, and as CoinDesk data shows, the latest drop is not the first but it is probably the most dramatic in the cryptocurrency’s storied history. Having surged to an all-time high of over $60 thousand in April, Bitcoin has plunged to around the $35 thousand mark as of the end of May.