Crypto selloff pushes Bitcoin to a six-month low of $38,000

Crypto selloff pushes Bitcoin to a six-month low of $38,000

Bitcoin tumbled in an extended selloff for cryptocurrencies, falling past $38,000 to its lowest level in six months. The largest token sank as much as 9.3 per cent on Friday, marking a three-day downturn. More than 236,000 traders had their positions closed over the past 24 hours, with liquidations totaling $867 million, according to data from Coinglass, a cryptocurrency futures trading and information platform. Other cryptocurrencies were similarly in the red as investors offloaded risky bets in a volatile week for global markets. Ether fell below $3,000, losing as much as 12.2 per cent, while Solana, Cardano and Binance Coin also slumped. Bitcoin has suffered a rocky start to the year and prices are down more than 40 per cent from the early November peak. Digital assets suffered especially in recent days against a wider tech selloff, rising regulatory threats and concerns around tightening US monetary policy. Regulators in the UK, Spain and Singapore this week suggested toughening the rules on crypto-asset promotion to inexperienced investors, while the Russian central bank on Thursday proposed a ban on cryptocurrencies entirely. "Rumors of Russian mining bans, the effects of tapering programs and ongoing regulatory concerns in certain jurisdictions are currently taking more