On Friday morning, the price of bitcoin took another hit as other cryptocurrencies that involve ether and doge also saw their values fall.
Bitcoin was trading at $35,904 around 6 a.m. ET and has fallen by more than 7% in the last 24 hours, as per Coin Metrics.
Now, the world’s popular cryptocurrency is trying to recover after a week of tumult that saw its price fall 30% to around $30,000 last week.
It fleetingly climbed back above $40,000 on Wednesday before losing some of those gains.
Elsewhere, ethereum’s price has tumbled around 10% in the last 24 hours to $2,473 a coin, while dogecoin’s price has dropped around 6% to 31 cents.
Cryptocurrencies continue to divide opinion. In a 41-page note last week, Goldman analysts shared their views on whether the likes of bitcoin and ethereum should be considered an asset class or not.
The current price falls come a day after longtime bitcoin bull Cathie Wood, founder, and CEO of Ark Investment Management, claimed that bitcoin has a place in the world of deflation.
In the Emerging markets where currencies are often linked quite close to commodity price cyclicality — could eventually limb outperformance in bitcoin, she mentioned.
“I think what will happen as their currencies come under pressure, the velocity of their money will increase as more and more of their populations shift into bitcoin, and other cryptocurrencies and assets,” Wood mentioned.
The last week’s crypto sell-off came after authorities in China and the U.S. shifted to tighten regulation and tax compliance on cryptocurrencies. Chinese authorities called for tighter regulation on crypto mining and trading, strengthening rules broadcasted in 2017, and the U.S. Treasury made an announcement that it would require stricter crypto acquiescence with the IRS.
The price recovered after Tesla CEO Elon Musk mentioned, he spoke to bitcoin miners in North America about renewable energy solutions that targeted growing concerns about the crypto’s carbon footprint. Elsewhere, hedge fund billionaire Ray Dalio exposed in an article published on Monday that he owned some bitcoin.