Bitcoin sinks 8% as crypto market volatility again rears its head

Bitcoin sinks 8% as crypto market volatility again rears its head

Dropped by more than 8% to trade under $36,000 during Friday's session, slumping alongside other cryptocurrencies as the market starts wrapping up a month rocked by regulatory threats and Tesla's about-face on accepting bitcoin as payment. The world's largest cryptocurrency lost as much as 8.5% at $35,178 but trimmed the loss to 7.5%. It again lost grip of the $40,000 level it had reached on Thursday. Meanwhile, , the token of the Ethereum blockchain, fell nearly 7%, lost 8%, as did , and moved 6% lower. Volatility in the crypto market was showing signs of a pickup on Friday. The climbed above 133 after falling to roughly 127. The CVI has soared from the 80 level at the start of May, but is off its recent high close to 183. Downbeat crypto news flowed through the market Friday, led by South Korea moving ahead with its plan to impose a 20% levy on cryptocurrency transactions beginning in 2022, . Gains from virtual assets will need to be reported when filing for general income taxes in May 2023, the report said. Meanwhile, Bank of Japan Governor Haruhiko Kuroda criticized bitcoin during an "Most of the trading is speculative and volatility is