A bitcoin sign can be seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.
Chris McGrath | Getty Images
Bitcoin’s price fell back below USD 40,000 on Friday after Chinese authorities increased calls to crack down on cryptocurrency mining and trading.
According to Coin Metrics data, the digital coin last fell 10.7% at a price of $ 35,891.2 as of 4:05 p.m. ET, its worst week since March 13. It passed the $ 42,000 mark on Thursday as digital currencies tried to rebound from a big sell-off earlier this week.
Other cryptocurrencies were on Red Friday, with Ether most recently declining 16.9% to $ 2,328.91, XRP 17.1% to 98 cents and Litecoin 18% declining to USD 172.8. Dogecoin, a meme-inspired crypto backed by Elon Musk, CEO of Tesla, fell 15% to 34 cents.
Bitcoin’s profits were capped on Friday after the U.S. Treasury Department announced a day earlier that a transfer of cryptocurrencies worth $ 10,000 or more must be reported to the IRS.
“Cryptocurrency already poses a significant identification problem as it broadly facilitates illegal activities, including tax evasion,” said the Treasury Department.