Cryptocurrencies Rebound Following Recent Declines

Cryptocurrencies managed to rise on Monday, against a number of factors that led to a series of the recent decline, amid a crackdown by the Chinese government and increased selling pressures.

Over the past 24 hours, Bitcoin rose by about 10.4%, trading at $38,444.72, reducing its losses over the past seven days to 10.7%.

The largest digital currency in terms of market capitalization remains lower by about 40% from the record high registered in April.

As for Ether, a surge of 23.25% led Ethereum to trade at $2,611.36, limiting the weekly losses to below 21%.

Recent tweets by billionaire Elon Musk, the CEO of Tesla, reduced the impact of his announcement that the electric vehicles manufacturer will no longer accept Bitcoin as a payment method for its products, due to environmental concerns about the high consumption of energy by the cryptocurrency’s mining and trading activities.

Musk remains a major supporter of digital currencies, however, his recent remarks that led to large fluctuations in cryptocurrencies and Tesla’s stock price have prompted accusations that Musk is manipulating the market.