Saudi Press

Saudi Arabia and the world
Friday, Aug 08, 2025

Bitcoin falls as much as 13% Sunday, extending losses from brutal week

Bitcoin falls as much as 13% Sunday, extending losses from brutal week

Bitcoin prices fell as much as 13% on Sunday, extending losses from a gut-wrenching week for cryptocurrencies.
Bitcoin, which accounts for more than 45% of the global crypto market, was trading around $33,000 per coin Sunday morning eastern time — far off its all time high above 64,000 just over a month ago.

By Sunday evening, Bitcoin had recouped some of its losses. It was trading at above $35,000, according to Coindesk.

Tesla CEO Elon Musk, whose tweets regularly influence the crypto market, on Saturday underscored his support for digital currencies, giving bitcoin a slight boost after a very rocky week. "The true battle is between fiat & crypto. On balance, I support the latter," Musk wrote Saturday morning. Bitcoin inched up above $38,000 but by Saturday night began falling again.

Other cryptocurrencies also fell over the weekend. Ethereum was down 20% Sunday morning, trading around $1,900. Dogecoin fell 16% and binance coin was down 26%. (Cryptocurrency markets stay open 24 hours a day, seven days a week.)

On Wednesday, a broad crypto crash wiped out about $1 trillion in market value. The selloff began after Chinese authorities announced further restrictions on cryptocurrency transactions within its borders.

Statements from Beijing spooked an already jittery crypto market, and bitcoin plunged 30% to $30,000, its lowest point since January. Ethereum fell more than 40%, and dogecoin and binance lost around 30%.

US regulators also hinted at restrictions, with the Treasury Department announcing that any transfer of digital currency valued at $10,000 or more must be reported to the Internal Revenue Service.

This kind of volatility in the crypto sector isn't new but as the digital coins become more mainstream, their swings are attracting more scrutiny among investors and corporate America.

The recent stretch of losses began on May 12, when Musk did a U-turn on Tesla's commitment to accept bitcoin payments, citing environmental concerns.
Even with the past week's losses, bitcoin is still up more than 250% over the past year.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
×