Bitcoin falls 11.3% to $33,250, ether down 16.6%

In a major setback for cryptocurrency investors, Bitcoin dipped 11.33% to $33,250 at 16:00 GMT on Sunday, losing $4,248.98 from its previous close.

Bitcoin, the world’s most popularcryptocurrency is down 48% from the year’s high of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 16.59 % to $1,915.34 on Sunday, losing $380.97 from its previous close.

Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.

“Many point to Bitcoin’s volatility as untenable,” wrote RBC Capital Markets’ Amy Wu Silverman in a research note published on Saturday. “Indeed, Bitcoin makes severe and dizzying swings.”

Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.