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Bitcoin price falls as market decline intensifies

The cryptocurrency sell-off has resumed with renewed intensity with most major coins down, plunging 20% to 30% or more in the last 24 hours.

Cryptocurrency prices dropped Friday, extending the week’s selloff, after new comments from the Chinese government spurred fears of a regulatory clampdown in a country where most bitcoins are created.

Bitcoin fell 12% to $35,263 and ether declined 19% to $2,248.80 as of 5 p.m. ET Friday after China’s government, following a meeting led by Vice Premier Liu He, pledged in a statement to “crack down on bitcoin mining and trading behavior” as part of broader efforts to guard against financial risk.

As at yesterday, Bitcoin, the largest cryptocurrency by market value, has fared the best by comparison, down by 7.89% at the time of writing. Meanwhile, Ethereum — the second-largest cryptocurrency — is down another 10.23%. Both BTC and ETH have now lost half their value from all-time highs set just last month.

Bitcoin and Ether are now trading at about US$35,300 and US$2,150 respectively.

Sources: CNN Business, Cointelegraph