Crypto Limps to Weekend After Hammer Blows From Musk, China, Tax

  • Date: 21-May-2021
  • Source: Yahoo News
  • Sector:Economy
  • Country:Middle East
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Crypto Limps to Weekend After Hammer Blows From Musk, China, Tax

(Bloomberg) --

The cryptocurrency market nursed its wounds Friday after a week of pain triggered by a Chinese regulatory warning shot, forced selling and a possible U.S. tax clampdown.

If that wasn’t enough, Bitcoin believers are still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin fluctuated around $40,000 in Asian trade, down about 9% on the week though up from a Wednesday plunge toward $30,000. Other coins have slumped too, such as Ether’s 17% weekly nosedive.