Now stuck in range between about $30,000 to $40,000, a major setback in almost a month, the world’s largest cryptocurrency continue to trade lower with prices falling over two percent to $31,590.8.
MANILA Experts claim, the slump is credited to China’s regulatory crackdown. The country made a move against the digital currency partly over concerns about high-energy consumption by crypto-miners.
Investors sold heavily in May and June due to China’s stance against the soft currency. Bitcoin’s value dropped to almost half after experiencing an all time high rate of $65,000.
Financial watchdogs and central bankers in the West have also called for tighter regulation. U.S. Treasury Secretary Janet Yellen told regulators that the U.S. government must establish a regulatory framework for the rapidly growing class of digital currencies.
Smaller cryptocurrencies also experienced a slump with ether, the coin linked to Ethereum blockchain, which declined 5% to $1,882. Dogecoin, on the other hand, was down over 7% to $0.17 whereas other digital tokens like Cardano, XRP, Litecoin also fell in the range of 3-8% over the past 24 hours. (MCP/The MiNT)