Bitcoin falls as much as 13% Sunday, extending losses from brutal week

Bitcoin falls as much as 13% Sunday, extending losses from brutal week
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2 Min Read

Daily US Times: Bitcoin prices continue to fell as it fell as much as 13% on Sunday, extending losses from a gut-wrenching week for cryptocurrencies.

Bitcoin was trading around $33,000 per coin Sunday morning eastern time — far off its all time high above 64,000 just over a month ago.

By Sunday evening, Bitcoin, which accounts for more than 45% of the global crypto market, had recouped some of its losses. It was trading at above $35,000, according to Coindesk.

Electric car maker Tesla CEO Elon Musk, whose tweets regularly influence the crypto market, on Saturday underscored his support for digital currencies, giving bitcoin a slight boost after a very rocky week.

Musk wrote Saturday morning: “The true battle is between fiat & crypto. On balance, I support the latter.”

Bitcoin inched up above $38,000 after Musk’s tweet, but by Saturday night began falling again.

Prices of other cryptocurrencies also fell over the weekend. Ethereum was down 20% Sunday morning, trading around 1,900 US dollars. Dogecoin fell 16% and binance coin was down 26%.

A broad crypto crash wiped out about $1 trillion in market value on Wednesday. The selloff began after China announced further restrictions on cryptocurrency transactions within its borders.

Statements from Chinese authorities spooked an already jittery crypto market, and bitcoin plunged 30% to $30,000, its lowest point since January. Ethereum fell more than 40%, and dogecoin and binance lost around 30%.

US regulators also hinted at restrictions over cryptocurrency transactions, with the Treasury Department announcing that any transfer of digital currency valued at $10,000 or more must be reported to the Internal Revenue Service.

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