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Bitcoin fell 13% on Sunday after the world’s largest and best-known cryptocurrency suffered another sell-off that left it down nearly 50% from the year’s high.
Bitcoin fell to $ 32,601 at 6:00 p.m. GMT (2:00 p.m. ET), losing $ 4,899.54 from its previous close. It peaked for the year at $ 64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, fell 17% to $ 1,905 on Sunday, losing $ 391.31 from its previous close.
Bitcoin markets operate 24/7, paving the way for price fluctuations at unpredictable times.
“Many consider bitcoin’s volatility to be untenable,” wrote Amy Wu Silverman of RBC Capital Markets in a research note released Saturday. “Indeed, Bitcoin is making severe and dizzying swings.”
Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla’s CEO (TSLA.O) and cryptocurrency backer Elon Musk, primarily his reversal on Tesla accepting bitcoin as a payment method.
In addition, on Friday, China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.
The Chinese Financial Stability and Development Committee, chaired by Vice Premier Liu He, has named bitcoin as the asset it needs to further regulate.
The statement, which came days after three Chinese industry bodies tightened the ban on banks and payment companies providing crypto-related services, was a sharp escalation in the country’s pressure to root out speculation and fraud. in virtual currencies.
China’s latest campaign against crypto came after the US Treasury Department on Thursday called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service, and the Federal Reserve reported the risks that cryptocurrencies represented for financial stability. Read more
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