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Bitcoin down almost 50% from year's high

CryptocurrencyMay 23, 2021 02:55PM ET
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© Reuters. FILE PHOTO: A collection of virtual currency bitcoin tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/Illustration

(Reuters) -Bitcoin fell 13% on Sunday after the world's biggest and best-known cryptocurrency suffered another sell-off that left it down nearly 50% from the year's high.

Bitcoin fell to $32,601 at 1800 GMT (2 p.m. ET), losing $4,899.54 from its previous close. It hit a high for the year of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 17% to $1,905 on Sunday, losing $391.31 from its previous close.

Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.

"Many point to bitcoin's volatility as untenable," wrote RBC Capital Markets' Amy Wu Silverman in a research note published on Saturday. "Indeed, Bitcoin makes severe and dizzying swings."

Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla (NASDAQ:TSLA) Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.

In addition, on Friday China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.

China's Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more.

The statement, which came days after three Chinese industry bodies tightened a ban on banks and payment companies providing crypto-related services, was a sharp escalation of the country's push to stamp out speculation and fraud in virtual currencies.

China's latest campaign against crypto came after the U.S. Treasury Department on Thursday called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service, and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.

Bitcoin down almost 50% from year's high
 

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Comments (48)
Barkat Khan
Barkat Khan May 26, 2021 6:14AM ET
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I have had my own share of binary option scam, I lost over 200k USD, and i was still told  to send more money to unlock my account. I reached out to chargeitbacks and they helped me get my money back. If you have ever been scammed or you know someone that has been scammed, chargeitbacks.com will get the money back. They are a recovery team that specialize in funds recovery, be it cryptocurrency , bitcoin, forex, catfish/romance scam.
Carl Houle
Carl Houle May 24, 2021 9:17AM ET
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invested in Bitcoin for my retirement and now I wanted to get back my money but my retirement account is down 40%, I have no more retirement money.... people told me that bitcoin was a store of value...
Kings Wales
Kings Wales May 24, 2021 2:03AM ET
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Next earnings for Tesla is going to be a pain
Henry Anderson
Henry Anderson May 24, 2021 1:03AM ET
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This murky crypto market contains and burns away leftover dollars, thereby Helping the dollar retain its value. The United States benefits from these wasteful, volatile, inefficient digital scams.
Investing Man
Investing Man May 24, 2021 1:03AM ET
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You think the instant movement of money to anywhere on the planet is more innefficient then flying and changing fiat at atm machines, banks... both posing security risks for the transporters and costing fuel for no reason?
Henry Anderson
Henry Anderson May 24, 2021 1:02AM ET
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The United States and Tesla (Elon Musk) are indirectly promoting Bitcoin. Elon gets away with obvious pump-and-dump schemes involving TV Shows and Twitter while the SEC forced Michael Burry to delete his Twitter account. Joe Biden talks all day about green energy, but the American government doesn't even try to regulate or ban cryptocurrencies despite their environmental concerns. In other words, Elon Musk and the American Government seem to be cooperating to promote Bitcoin to prevent the Fall of the US dollar. They are advocating Bitcoin because rising Gold, Euro, and Pound will threaten the reserve currency status of the US Dollar. (Most of Bitcoin is traded in USD, whereas Dollar recently lost to Euro as Payment Currency-SWIFT) Strangely, Elon is the Richest Man in the world, although all of his companies are not profitable. He could not have done it without the help of the American government.
Abdul Hamid
Abdul Hamid May 23, 2021 10:59PM ET
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Bitcoin is sambody loose confident
Louis Xue
Louis Xue May 23, 2021 8:09PM ET
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this reminds me of tge btc sell off years back due to restriction actions by US and China
Tauseef Kazi
Tauseef Kazi May 23, 2021 8:07PM ET
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Real currency cannot trade in free market like stocks. Crypto currencies is even worse than stocks in that regard !
Paul Wu
Paul Wu May 23, 2021 7:15PM ET
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I assure you that BTC won't go negative....because there is nothing physical to trade or move.
danny Levine
danny Levine May 23, 2021 6:31PM ET
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buy something that has actual value: gold.
Larry Lester
Larry Lester May 23, 2021 6:08PM ET
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Currency exists within a certain context, and that context for the United States Dollar is the entirety of the US economic engine, while for bitcoin, it is nothing but a bunch of computers in China computing certain hashes. Sorry, I'm going to put my capital behind the former.
Jan Buyle
Jan Buyle May 23, 2021 6:01PM ET
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it is not even worth $1. It has no valua at alll .
John Zeman
John Zeman May 23, 2021 6:01PM ET
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and neither does the usd
Lake Lot
Lake Lot May 23, 2021 6:01PM ET
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You can count on the dollar , if you have 5you got a five dola bill . 100 is a hundo ! A Benny , a centy ! Bitcoin an electric impulse , puff its gone
Alex Chan
Alex Chan May 23, 2021 6:01PM ET
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like catching a falling knife 😬
Marco cuevas
Marco cuevas May 23, 2021 5:54PM ET
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Maybe now Youtube will not be bombarded from bots spamming pro crypto trash..thank god.  Oh and "sucker born every minute"
peter neal
peter neal May 23, 2021 5:48PM ET
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Bitcoin is a Scam. Ponzi Scheme. A bubble with no intrinsic value propped up by liquidity from stimulus checks and hype.
Mario tragik
Mario tragik May 23, 2021 5:42PM ET
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yeah and its rebounding hard! so bla bla
Francois Fontaine
Francois Fontaine May 23, 2021 5:34PM ET
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When u buy low and hear of a new high, SELL and take ur coins to the laundry bank
Edward Gerety
EdwardTjGerety May 23, 2021 5:31PM ET
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$22,500 and expect it and other coins to swing higher as Biden and the Democratic Socialists start taking away hard working people's money to pay for their base known as freeloaders. At that point more working class American will use it to hide their money from the IRS.
Larry Lester
Larry Lester May 23, 2021 5:31PM ET
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Nice meme, Republicans already went ahead and did that when they shifted the US tax burden onto the lower and middle class with the 2017 "Tax Cuts and 'Jobs' Act" they singed into law.
Anton Nostradamus
Anton Nostradamus May 23, 2021 4:10PM ET
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this was the biggest mystery investment of all time 90% of all people that invested in cryptocurrency had no idea what it was still very unclear today what it really is a place to hide your cash? drug money / undeclared funds? since the destruction of offshore money like the Cayman Islands and Switzerland people through all their illegal money into cryptocurrency
Country mckinney
Country mckinney May 23, 2021 4:10PM ET
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...you could have shortened that sentence to "I have no understanding of cryptocurrency and have decided to remain ignorant ' ...much shorter read ?
Steve Lora
Steve Lora May 23, 2021 4:10PM ET
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Biden establishment put bitcoin in its place
shaba alio
shaba alio May 23, 2021 4:10PM ET
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I think you allowed
shaba alio
shaba alio May 23, 2021 4:08PM ET
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I will wait the report
Investing Man
Investing Man May 23, 2021 3:54PM ET
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There was never an explanation where all the money came from to get everything so high, probably never be an explanation where it went.
Azhar Ali
Azhar Ali May 23, 2021 3:50PM ET
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no expert here
Azhar Ali
Azhar Ali May 23, 2021 3:47PM ET
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on Monday what situations about bTc USD sell or buy?
Lars Hellman
LarsH May 23, 2021 3:47PM ET
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on monday-friday it will fall more slow until next weekend sale. Wait til 15K
 
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