Wednesday, April 17, 2024

“Bitcoin” is heading for its biggest loss since 2011 – Economy – digital currencies


Bitcoin fell to its lowest level this week on Friday, raising losses from a growing campaign against it in China and environmental concerns to nearly 40 percent since the beginning of the month.

Major cryptocurrencies added to their previous losses, dropping 8.2 percent to $ 35,339, as they held in a relatively tight trading range this week. In the last transactions it fell 6.2 percent.

The cryptocurrency lost 37 percent of its value in May, and this will be its worst monthly performance since September 2011 if it continues at the same pace.

And pushed it backwards, China’s efforts to phase out electronic mining operations to mine and circulate cryptocurrencies, as well as Tesla’s decision to stop receiving payments due to concerns about power consumption.

However, Bitcoin has gained around 3 percent this week. Trading takes place 24/7 in the cryptocurrency markets, and volatility is common on weekends.

Smaller cryptocurrencies have also fallen, which generally go up and down with Bitcoin. And the second-largest digital currency, Ethereum, fell as much as 11 percent, hitting its lowest level in four days.

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Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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