Cryptocurrencies bounce back from Sunday sell-off, bitcoin still down 30% in May
Reuters | May 24, 2021 04:55 PM EDT
Representations of the virtual currency Bitcoin stand on a motherboard in this picture (Photo : REUTERS/Dado Ruvic/Illustration)
Bitcoin jumped more than 10% during a surge in cryptocurrencies Monday, regaining some ground lost during a weekend sell-off that was sparked by renewed signs of a Chinese crackdown on the emerging sector.
Bitcoin, the world's largest cryptocurrency, was last up 12% at approximately $39,400, erasing losses of 7.5% from a day earlier but still down by more than 40% from last month's record high.
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Second-largest cryptocurrency ether jumped nearly 19% to $2,491 after slumping more than 8% on Sunday to near a two-month low. It too has fallen by almost half from a peak hit earlier this month.