Cryptocurrency rout nowhere near the end, say analysts

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SINGAPORE – Blow after blow, a continuous string of bad news for cryptocurrencies in the past week brought digital asset darling Bitcoin to its knees over the weekend, and observers say the end is not yet near despite a rebound in prices.

Bitcoin, the most popular cryptocurrency in the world, on Monday (June 20) rebounded to hover at the US$20,000 (S$27,743) mark, up from this year’s low of US$17,592.78 on Saturday (June 18). The digital asset now makes up about 43 per cent of crypto’s total market capitalisation, according to CoinMarketCap.