COMMENTARY:
Russ Mould, Investment Director, AJ Bell With Bank of NY Mellon and Mastercard having given it an affirmation in the last week, it s a massive step forward for the bitcoin investors who view it as the future of money. (Tesla boss Elon) Musk s intervention has created interest, and the more people that adapt it and use it as money, then the greater the chances of it perhaps being taken on board as a mainstream currency. That would feed further speculative interest at the same time. There is a risk of intervention (by central banks). The rules can be changed. But the more people start to use it and give it greater legitimacy, the harder it is for central banks to push back.
Bitcoin has recorded its worst week since March last year amid fresh doubts over its legitimacy.
Prices for the crypto-currency have tumbled 14 per cent this week and there are fears it has further to fall.
Bitcoin slipped below $30,000 at one point yesterday before recovering to $32,500. It started the week on $37,500.
The reality check for bitcoin comes after it surged to almost $42,000 over Christmas and the New Year as investors piled into the asset class.
Many commentators dismissed the rise at the time as speculative mania, since the digital coin rose without any clear reason.
Bitcoin started to fall on Tuesday after comments made by former US Federal Reserve chair Janet Yellen – now Treasury secretary under President Joe Biden – who said she wanted to minimise the use of all crypto-currencies, saying they were mainly used for illicit financing . The comments were a clear statement that the Biden administration will be hostile to bitcoin and ramp up regulat
Bitcoin Slumps 10 Percent as Pullback From Record High Gathers Pace
Fears that US President Joe Biden s administration could attempt to regulate cryptocurrencies have also weighed on sentiment. By Reuters | Updated: 21 January 2021 17:47 IST
World s most popular cryptocurrency Bitcoin was last down 7.5 percent at $32,779 (roughly Rs. 23.9 lakhs)
Highlights
US President Biden s administration may regulate cryptocurrencies
There are concerns cryptocurrencies may be used for illegal activities
Bitcoin slumped 10 percent on Thursday to a 10-day low, retreating further from record highs, with traders citing fears of tighter US regulation.
The world s most popular cryptocurrency Bitcoin was last down 7.5 percent at $32,779 (roughly Rs. 23.9 lakhs) after falling as low as $31,977 (roughly Rs. 23.3 lakhs). It has lost nearly a quarter since touching a record $42,000 (roughly Rs. 30.6 lakhs) on January 8.
LONDON, Jan 21 Bitcoin slumped 10 per cent today to a 10-day low, retreating further from record highs, with traders citing fears of tighter US regulation. The world’s most popular cryptocurrency Bitcoin was last down 7.5 per cent at US$32,779 (RM132,230) after falling as low as US$31,977. It.
LONDON: Bitcoin slumped 10 percent on Thursday to a 10-day low, retreating further from record highs, with traders citing fears of tighter US regulation. The world’s most popular cryptocurrency Bitcoin was last down 7.5 percent at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8. The pullback comes amid growing