Cryptocurrencies Continue To Crash In Value
Bitcoin continues its descent amid whispers of U.S. Federal Reserve tapering economic stimulus and China's ongoing pressure on crypto miners.
Bitcoin’s price has fallen to its lowest point in over a week as traders stare down prospects of shifting U.S. monetary policy and continued tightening of regulation of cryptocurrencies in China.
At 20:00 UTC on Monday, the price of the world’s foremost crypto began declining from around $35,466 to a low of $33,221.
Prices were up slightly on the hour, and one bitcoin (BTC, -10.17%) was changing hands for roughly $33,793 at the time of publication.
The move marked the largest single daily loss for the bulls after dropping 6.2%, the most since May 28, amid sell pressure egged on by fading bullish investor sentiment.
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WNU Editor: Its been a bad week for cryptocurrencies starting with this news last week .... Cryptocurrency dealers face closure for failing UK money laundering test (The Guardian). Followed by this .... Trump: Bitcoin's a scam, US dollar should dominate (FOX News). Followed by China actually finally doing something to end Bitcoin dealing on Chinese platforms .... China blocks cryptocurrency Weibo accounts in ‘judgment day’ for bitcoin (The Guardian/Reuters). And now everything this evening is crashing (The above screenshot was taken on Monday at 23:45 EST. The funds are in Canadian dollars).
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