WORLD – Bitcoin fell by 13% on Sunday after facing another selloff, the world’s largest and best-known cryptocurrency, leaving it down nearly 50% from the year’s high.
At 1800 GMT (2 pm ET), bitcoin fell to $ 32,601, a decrease of $ 4,899.54 from its previous close. It reached a high of $ 64,895.22 on 14 April.
The Ether, Ethereum blockchain network-connected coin fell 17% to $ 1,905 on Sunday, losing $ 391.31 from its previous close. Bitcoin markets operate round the clock, setting the stage for price fluctuations at unexpected hours.
Amy Wu Silverman of RBC Capital Markets wrote in a research note published on Saturday, “Many point to bitcoin’s volatility as untenable”. She further added, “Indeed, Bitcoin makes severe and dizzying swings”.
Bitcoin was under pressure last week after a series of tweets by billionaire Tesla’s chief executive and cryptocurrency backer Elon Musk, mainly his reversal on Tesla accepting bitcoin as payment. In addition, on Friday, China took on the mining and trading of the largest cryptocurrency as part of ongoing efforts to curb speculative and financial risks.
The Financial Stability and Development Committee of China, chaired by Vice Premier Liu He, has chosen bitcoin as an asset that needs to be further regulated.
The statement, which came days after the three Chinese industry bodies banned banks and payment companies providing crypto-related services, was a sharp rise in the country’s push to stamp out speculation and fraud in virtual currencies.
China’s latest campaign against crypto came on Thursday after the US Treasury Department called for new rules that would require large cryptocurrency transfers to the Internal Revenue Service, and the Federal Reserve marked at-risk cryptocurrency for financial stability.