RATE Group | Cryptocurrency ‘bloodbath’ as Bitcoin falls 30% in a week
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Cryptocurrency ‘bloodbath’ as Bitcoin falls 30% in a week

20 Nov Cryptocurrency ‘bloodbath’ as Bitcoin falls 30% in a week

Posted at 11:49h in Cryptocurrency News by

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Bitcoin has lost nearly a third of its value in just a week as cryptocurrencies come under renewed pressure.

Bitcoin was trading 7.5% down on the day on Tuesday – its lowest level for more than a year according to the Bitstamp exchange – hours after US tech stocks endured fresh losses on Wall Street.

It left Bitcoin valued just above $4,300 (£3,342).

Only 11 months ago, a bull run for the digital currency stopped just shy of a record $20,000 but it has remained largely on a downward spiral since.

Other cryptocurrencies were also feeling the pain with Ethereum’s Ether losing 10% and Ripple’s XRP down 13% on the day.

Naeem Aslam of Think Markets said: “Fundamentally speaking, the current sell-off is once again triggered due to the regulatory pressure.

The SEC (US Securities and Exchange Commission) reminded the crypto world that it has the final say over anything which smells like a security.

:: Treatment centre for cryptocurrency addicts

“The department issued civil…

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