Bitcoin, Ether Prices Continue Falling on Regulatory Fears

  • Date: 21-May-2021
  • Source: The Wall Street Journal
  • Sector:Economy
  • Country:Middle East
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Bitcoin, Ether Prices Continue Falling on Regulatory Fears

Cryptocurrency prices dropped Friday, extending the week’s selloff, after fresh comments from Chinese officials spurred fears of a regulatory crackdown.

Bitcoin fell 4.7% to $38,202.16 and ether declined 8% to $2,541.71 after Chinese authorities said in a statement issued Friday in China that tighter regulation was needed to protect the financial system, including cracking down on bitcoin mining and trading. Before the comments, bitcoin had been trading near $41,000.

The Biden administration’s tax enforcement plan released Thursday also called for businesses receiving more than $10,000 in cryptocurrency to be required to report those transactions.