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Bitcoin recovers to $35,102.8 after over 15% decline in past 24 hours

Bitcoin price dipped by 14.95 per cent to as low as $31,179.69 on Sunday, wiping out year-to-date gains but later recovered a bit to $35,250.07. Main reason for continuous freefall in crypto price is believed to be Huobi's plan to scale back some offerings in a few countries

Not only Bitcoin but other digital currencies are also bracing for freefall, with most of them falling 20-30 per cent in the past 24 hours. Not only Bitcoin but other digital currencies are also bracing for freefall, with most of them falling 20-30 per cent in the past 24 hours.

After falling more than 14 per cent on Sunday, Bitcoin recovered halfway to $35,102.80, which is about a 6.36 per cent decline in the past 24 hours as the sell-off continues to plunge the prices of the world's biggest and best-known cryptocurrency. Not only Bitcoin but other digital currencies are also bracing for freefall, with most of them falling 20-30 per cent in the past 24 hours.

Other major cryptocurrencies like Ethereum and XRP, Cardano have also seen 7.09 per cent, 13.49 per cent and 7.88 per cent, a decline in the past 24 hours, respectively.

Stellar, however, is in the green at $0.412453, 5.54 per cent up in the past 24 hours, while Dogecoin has seen an 11.83 per cent decline in the past day, cryptocurrency exchange CoinDesk data shows. The data shows that both Bitcoin and Ether, both the largest digital currencies, have lost half of their values after rising to an all-time-highs in April.

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In the past 24 hours, Bitcoin price dipped by 14.95 per cent to as low as $31,179.69 on Sunday, wiping out year-to-date gains but later recovered a bit to $35,250.07 on Monday.

The main reason for continuous freefall in crypto price is believed to be Huobi's plan to scale back some offerings in a few countries after China's tough stand against cryptocurrencies.

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Chinese financial industry groups had last week banned institutions from offering cryptocurrency registration, trading, clearing, and settlement, which added fuel to the fire started by Tesla chief executive Elon Musk, who reversed his stand on Tesla accepting bitcoin as payment.

As per global news agency Reuters, while Beijing has taken steps before to block access domestically to cryptocurrency exchanges, its latest directive was broader. The new rules ban cryptocurrencies' use in payment and settlement and prohibit institutions from providing crypto-related products or exchange services between cryptocurrencies and the yuan or foreign currencies.

ALSO READ: China bars financial, payment institutions from using cryptocurrency