Bitcoin Below $50K After a Tough Weekend

Bitcoin hovered near $49,000 on Monday, down 1.5% on the day, as traders took losses after a grueling weekend when the world’s most popular cryptocurrency at one point lost more than 20% of its value.

This trajectory brought the price of Bitcoin and the amount invested in its futures contracts back to where they were in early October, before the massive rally that pushed the coin to an all-time high of $69,000 on November 10.

Ethereum also fell on Saturday, but less sharply.

In the latest trading, it reached 4,112 dollars, compared to its highest level recorded on November 10 at 4,868 dollars, but it achieved steady gains against its largest competitor.