Bitcoin Headed for Worst Week Since 2013

Bitcoin Headed for Worst Week Since 2013

Saturday, 3 February, 2018 - 10:00
A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier
London - Asharq Al-Awsat
Bitcoin fell 9 percent on Friday, leaving the best-known cryptocurrency down more than 30 percent this week and headed for its worst weekly performance since April 2013.

The cryptocurrency dropped to as low as $8,155 at 0915 GMT on the Luxembourg-based bitstamp exchange amid a broader rout in the market. Other large cryptocurrencies have lost more than 20 percent of their value in the last 24 hours of trading, according to Coinmarketcap.com.

A growing regulatory backlash against digital coins has sent investors scrambling to sell this week. Bitcoin is down more than half from a December peak of almost $20,000 after it notched up a more than 1,000 gain last year, Reuters reported.

The currency fell after Indian finance minister Arun Jaitley has promised a crackdown on the use of cryptocurrencies such as bitcoin for illicit purposes. In addition to warnings from politicians in the United Kingdom, the United States and South Korea on the same matter.

Several experts at the Davos Forum questioned the power of the Betquin, and many predicted what had happened in those recent days.

Steven Mnuchin, US Secretary of the Treasury, said the digital currency should not be allowed to cover illegal activities.

Menuchin has pledged to work with other governments, including the G-20 governments, which include the world's largest economies, to monitor the activity of those who invest heavily in the encrypted currency.


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