This illustration from May 19, 2021 shows the virtual currency Bitcoin in front of a stock chart.
Dado Ruvic | Reuters
Bitcoin price slumped to critical levels after falling to a two-week low early Monday.
Bitcoin hovered around $ 32,000 throughout the day, down 50% from its all-time high in April after it was revealed that China stepped up its crackdown on crypto mining operations. The central bank has also instructed Alipay and other major financial institutions to reduce the risk of cryptocurrency deals.
The notoriously volatile cryptocurrency is struggling to regain its highs from the beginning of the quarter. The price first fell to $ 32,000 in early June and was on a roller coaster ride before briefly hitting $ 40,000 last week.
But Fairlead Strategies founder Katie Stockton believes the decline isn’t a significant breakdown and should stabilize in the days ahead.