Bitcoin price was hit again on Friday as other cryptocurrencies such as ether and doge saw their values decline as well.
Bitcoin was trading at $ 35,292 around 8 a.m. ET, according to Coin Metrics, a decline of more than 9% in the past 24 hours.
The price of Bitcoin rose back above the $ 36,000 level later on Friday morning. It traded at $ 36,754.01 at 10:20 a.m. ET.
Elsewhere, the price of Ethereum fell 7.7% to $ 2,560.78 per coin, while the price of Dogecoin fell 5% to 31 cents.
Bitcoin, the world’s most popular cryptocurrency, has been trying to recover after a week of turbulence that saw the price drop 30% last week to around $ 30,000.
It briefly rose above $ 40,000 on Wednesday before losing some of those gains.
Cryptocurrencies continue to share opinion. In a 41-page note last week, Goldman analysts shared their views on whether or not to consider Bitcoin and Ethereum as an asset class.
The most recent drop in prices comes a day after longtime bitcoin bull Cathie Wood, founder and CEO of Ark Investment Management, argued that bitcoin has a place in the world of deflation.
Emerging markets – where currencies are often closely tied to the cyclicality of commodity prices – could ultimately outperform Bitcoin, she said.
“I think what will happen when their currencies come under pressure, the speed of their money will increase as more of their population shifts to Bitcoin and other cryptocurrencies and assets,” Wood said at CoinDesk’s Consensus 2021 conference Thursday .
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The crypto sell-off last week came after authorities in China and the US tightened regulations and tax compliance on cryptocurrencies. Chinese authorities called for tighter regulation of crypto mining and trading to strengthen the rules announced in 2017, and the U.S. Treasury Department announced that it would require stricter compliance with the IRS for crypto.
The price rebounded after Tesla CEO Elon Musk said Monday he spoke to bitcoin miners in North America about renewable energy solutions amid growing concerns about crypto’s carbon footprint. Elsewhere, hedge fund billionaire Ray Dalio revealed in an article published Monday that he owns Bitcoin.
– Additional coverage from CNBC’s Maggie Fitzgerald.
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