On Sunday, Bitcoin, the world’s largest cryptocurrency saw a 13% decline in its value. It suffered another sell-off that backstage the Bitcoin to nearly 50% from its peak. A drop of $32,601 at 1800 GMT (2 p.m. ET) has been observed which made a loss of $4,899.54 from its previous close.
Last month on 14, the best-known digital cryptocurrency hit a high for the year of $64,895.22. While Ethereum fell to 17% to $1,905 on Sunday and made a loss of $391.31 from its previous close.
According to RBC Capital Market’s report published on Saturday, “Many point to bitcoin’s volatility as untenable. Indeed, Bitcoin makes severe and dizzying swings”.
The world’s largest cryptocurrency was in a tight corner last week, after several tweets made by Elon Musk, the Chief Executive of Tesla and biggest supporter of Crypto. It seems that the value of bitcoin fall due to Musk’s reversal on Tesla accepting it as payment.
Moreover, on Friday, China took decisive action for Bitcoin’s mining and trading in the context of efforts underway to avoid conjectural and financial risks.
Liu He, the Vice Premier of China’s Financial Stability and Development Committee preferred Bitcoin as an asset that needs to regulate more.
The statement came out after three Chinese industries increased prohibitions on banks and payment firms providing crypto-related services, which was the drastic escalation of the state’s push to end corruption and fraud in virtual currencies.
Recently, China agitates another campaign against crypto. This latest campaign came after the US Treasury Department called for further modalities that would require big cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve waned the risks cryptocurrencies posed to financial stability.