Bitcoin down almost 50% from year's high as sell-off continues

FILE PHOTO: Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration (REUTERS)Premium
FILE PHOTO: Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration (REUTERS)
 1 min read . Updated: 24 May 2021, 06:47 AM IST Staff Writer

Bitcoin fell 13% on Sunday after the world's biggest and best-known cryptocurrency suffered another sell-off. The world's most popular cryptocurrency is down 50% from the year's high of $64,895.22 hit on April 14. Bitcoin fell to $32,601 at 1800 GMT (2 p.m. ET), losing $4,899.54 from its previous close. It hit a high for the year of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 17% to $1,905 on Sunday, losing $391.31 from its previous close.

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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.

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 statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, was a sharp escalation of the country's push to stamp out speculation and fraud in virtual currencies.

China's latest campaign against crypto came after the U.S. 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 flagged the risks cryptocurrencies posed to financial stability.

(With inputs from agencies)


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