Cryptocurrencies inch back after wild weekend

Cryptocurrencies are showing signs of recovery after a wild weekend. Prices edged up Monday after plunging dramatically.

Bitcoin tumbled to about 31,000 dollars at one point over the weekend. That's less than half the record high of nearly 65,000 dollars seen in mid-April.

Crypto assets began soaring late last year but have nosedived since mid-May.

Analysts say that's partly because of speculation the US Federal Reserve may be about to rein in its quantitative easing. That extra liquidity had boosted crypto prices, but analysts say investors are now shifting their funds to other assets. The experts also say China's tightening of regulations on crypto assets is having an impact.

The cyrpto market also took a hit when Tesla announced it would no longer accept Bitcoin as payment. CEO Elon Musk has been a longtime advocate of cryptocurrencies.

Musk said he was concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions.