Bitcoin Returns to Losses on Independence Day

Bitcoin declined on Monday by about 5% to $33,857, erasing most of its recent gains, amid relatively thin trade with the U.S. on a holiday with a long weekend, celebrating Independence Day.

The world’s biggest cryptocurrency in terms of market capitalization dropped by 41% during the second quarter (Q2) of 2021, due to a strong selloff, not seen since Q4 of 2018.

Most cryptocurrencies, such as Ethereum and Dogecoin, also declined, amid concerns about the recent crackdown in China and the United Kingdom.