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“They are doing it out of the sense of survival,” said John Reed Stark, former chief of the U.S. Securities and Exchange Commission’s Office of Internet Enforcement.
MicroStrategy CEO Michael Saylor said the problem isn't bitcoiners but those negative headlines about mining.
“Traders have certainly lost the appetite for bitcoin in this uncertain market environment,” Arcane Research wrote in a report.
Binance led competitors in May with a monthly trading volume of $2.46 trillion, up 49% from April levels.
NU is one of the few coins that has shown positive gains in the past day.
“People are still going to be cautious long-term, but this debut will eventually have some ability to attract traditional investors" said Edward Moya, Senior Market Analyst at Oanda.
May marked a 35% drop in price for bitcoin, making it one of the worst months to date for the cryptocurrency.
Two of the hottest trends in institutional investing – bitcoin adoption and environmental, social and governance factors – are suddenly colliding.
"These are certainly setbacks for the wallets and for the investor base," the crypto investor told CNBC.