Bitcoin (BTC) worth falls again under USD 40,000 after the wild week of buying and selling
A bitcoin sign can be seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.
Chris McGrath | Getty Images
Bitcoin’s price fell back below $ 40,000 on Friday after Chinese authorities increased calls to crack down on mining and trading in cryptocurrency.
The digital coin last fell 11% at a price of $ 35,691.01 through 3:35 p.m. ET, according to Coin Metrics data, up the pace of its worst week since March 13. It passed the $ 42,000 mark on Thursday as digital currencies attempted rebounded from a big sell-off earlier this week.
Other cryptocurrencies were down on Red Friday, with Ether most recently falling 16.7% to $ 2,334.28, XRP falling 17% to 99 cents, and Litecoin falling 17.7% to $ 173.3. Dogecoin, a meme-inspired crypto backed by Tesla CEO Elon Musk, fell 14.8% to 34 cents.
Bitcoin’s profits were capped Friday after the U.S. Treasury Department announced a day earlier that a transfer of cryptocurrencies worth $ 10,000 or more would need to be reported to the IRS.
“Cryptocurrency already poses a significant identification problem as it broadly facilitates illegal activities, including tax evasion,” the Treasury Department said.