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9 Jul, 2021 11:35

Bitcoin slides amid broader cryptocurrency market sell-off

Bitcoin slides amid broader cryptocurrency market sell-off

The price of bitcoin dropped below the $33,000 level on Friday for the first time in over a week, with most other major cryptocurrencies trading in the red.

The world’s top digital asset by market capitalization plunged to $32,639 during Friday trading. Ethereum was down 10.0% to $2,079, while other top-20 cryptos Cardano, Ripple, Dogecoin, and Polkadot were losing between 5% and 10%.

Over the last several weeks, bitcoin is down over 50% from its April price peak of nearly $65,000. The cryptocurrency market is facing mounting regulatory crackdowns around the world.

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The latest hit came from US Senator Elizabeth Warren, who chairs the Senate's Subcommittee on Economic Policy. Warren has called for “common-sense regulations” on cryptocurrency in the United States. She ordered the Securities and Exchange Commission to draw up legislation on crypto-market regulation by July 28, stating that unpredictable changes in the prices of “highly opaque and volatile” cryptocurrencies could “end badly” for traders.

This follows various actions undertaken by governments across the globe against crypto. China banned its financial institutions from offering any form of crypto services back in May, while the United Kingdom last month blocked Binance, the world’s largest crypto exchange by trading volume, from carrying out regulated activities in the country.

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