The price of the cryptocurrency bitcoin has fallen by 1% since 5 p.m. Friday to $42,536 at 10 a.m. Saturday in New York, according to data compiled by Bloomberg News today.
Bitcoin prices fluctuated by an average of 3.7%, trading between $41,701 and $43,228.It is now down 34% from its high of $64,870 reached on April 14th.
Bitcoin lost 2.3% of its value in the past week and is up 47% so far this year.
Yesterday, the value of cryptocurrencies plunged as China intensified its efforts to curb speculation on cryptocurrency and its issuance.
Cryptocurrency-related stocks were also under pressure, with Marathon Digital Holdings falling 6.6%, while Microstrategy lost 5.8% of its value.
Today, Bloomberg News Agency reported, quoting a statement on the People’s Bank of China website, that all transactions related to cryptocurrency are illegal.
According to guidelines on the website of the China Economic Planning Commission, there is an urgent task for China to root out cryptocurrency issuance, and that China’s tough measures are important in order to meet its carbon emissions targets.
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