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Bitcoin ends week in volatile flow with Chinese bulls

(Bloomberg) – Bitcoin was whipped ahead of the weekend after another warning from Chinese authorities over the cryptocurrency crackdown. The largest digital currency fell 10% at the end of Friday, to as low as $ 33,550 before rebounding to $ 38,133. . The coin nearly hit $ 30,000 earlier in the week, having ended May 14 at $ 49,100.The final blow came when the Chinese State Council reiterated its call to curtail Bitcoin mining and trading. . The crypto market was already rocked earlier in the week by the forced sale and possible U.S. tax consequences. “You should always act with caution with China – never get too bullish or bearish,” said David Tawil, president of ProChain Capital. “We’ll have to see what the regulations bring. It’s one thing to say, it’s another to do. The sale earlier on Friday hit still-furious Bitcoin believers after former promoter Elon Musk flip-flopped and criticized the token for its power consumption. Bitcoin has fallen about 24% since last Friday, although it has gone from a Wednesday plunge to $ 30,000. Other coins have fallen as well – Ether has fallen by around 38% in the past seven sessions. Outside of China, experts say cryptocurrency has become an asset that investors hold for the long term . Former US Treasury Secretary Lawrence H. Summers compared crypto to gold as a safe haven asset. “Crypto is here to stay, and probably here to stay as some kind of digital gold,” Summers said in an interview with David Westin on “Bloomberg Wall Street Week.” “There’s a good chance that the crypto will be part of the system for some time to come. ” Still, he doesn’t expect consumers to turn to Bitcoin for most of their payments, even though it could become a major part of the e-The sour stretch with Bitcoin started with Musk suspending the accepting Bitcoin payments at Tesla Inc. and trading barbs with cryptocurrency boosters on Twitter. China’s central bank on Tuesday added to the pressure drop with a statement warning against the use of virtual currencies. , it emerged that the United States may require crypto transactions of $ 10,000 or more to be reported to tax authorities. China has long expressed its displeasure with the anonymity provided by Bitcoin and other crypto tokens, and has warned earlier that financial institutions weren’t allowed to do so. accept it for payment. The country is home to a large concentration of crypto-miners around the world, which have to be care for huge amounts of energy and therefore run counter to the nation’s efforts to reduce greenhouse gas emissions. more seriously, they want more control, ”said Bobby Lee, founder and CEO of crypto storage provider Ballet, in an interview on Friday. “We are talking about attacking minors. The question is: can they catch all minors? The measures taken by China this week underscore the country’s continued desire to seek control of the notoriously volatile asset class. This is something China would rather see regulated by the People’s Bank of China, market watchers say. “It’s not really the mining issue that’s the problem,” said Matt Maley, chief market strategist for Miller Tabak + Co. “They say they’re ‘doing this as part of an effort to control taking risk in their markets, but it’s really a signal that China won’t be a big market for cryptos unless it’s controlled by the PBOC. ”In the meantime, Bitcoin’s volatility is likely to Selling on Friday pushed Bitcoin back below its average price over the past 200 days, which for some chartists and technical analysts suggests it could drop further to around $ 30,000, where it found support earlier this week by leveraged investors and damaged the narrative that cryptocurrencies will become more stable as the sector matures. Musk’s shares showed just how a few tweets can still be upset the entire market. Moreover, the last few days have renewed the regulatory threat in the crypto market. “Investors are underestimating the regulatory risk of crypto as governments defend their lucrative currency monopolies,” said Jay Hatfield, managing director of Infrastructure Capital Advisors in New York. In the United States, the possible imposition of transaction reporting requirements could be the “tip of the iceberg” of potential Treasury rules on virtual currencies, he said (adds Summers comments to the seventh paragraph). now to stay ahead of the game with the most trusted source of business news. © 2021 Bloomberg LP

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