Bitcoin struggles to recover as concern mounts over tighter regulation
By Reuters By Stanley White and Vidya Ranganathan
Tokyo - Bitcoin recovered marginally on Thursday from the previous session s brutal slide to four-month lows but was weighed down by concerns over tighter regulation in China and unease over massive leveraged positions in the cryptocurrency world.
Bitcoin, the biggest and most popular cryptocurrency , rose 8.75% to touch $40,000, albeit briefly, after plunging 14% on Wednesday to its lowest since late January.
Smaller rival ether was up 3% at $2,517, but in extremely volatile trading after its 28% tumble on Wednesday.
Wednesday s declines in both digital assets were their biggest daily percentage moves in more than a year as investors rushed to exit trades that until recently were heartily outperforming traditional markets such as stocks and bonds.
Crypto recovery rally fades as Treasury proposal weighs on gains - Netscape Money & Business
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LONDON/TOKYO/NEW YORK (Reuters) - A more than 10% rally in bitcoin was clipped Thursday after the U.S. Treasury Department called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service.
A Bitcoin (BTC) logo is displayed on a crypto currency ATM machine in a shop in Weehawken, New Jersey, U.S., May 19, 2021. REUTERS/Mike Segar
The proposal came one day after a brutal sell-off on concerns over tighter regulation in China and unease over the extent of leveraged positions among investors sank the world’s biggest cryptocurrency to its lowest level since late January.
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LONDON/TOKYO/NEW YORK (Reuters) - A rebound in bitcoin held strong on Thursday, even as the U.S. Treasury Department called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.
FILE PHOTO: A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken, May 19, 2021. REUTERS/Dado Ruvic/Illustration
The comments from U.S. officials come one day after a brutal sell-off on concerns over tighter regulation in China and unease over the extent of leveraged positions among investors sank the world’s biggest cryptocurrency to its lowest level since late January.
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