Bitcoin fell on Tuesday to its lowest in almost a month, slumping below US$30,000 as regulators continued calls for tighter checks on cryptocurrencies.

The world’s largest cryptocurrency fell as much as five per cent to US$29,300, its lowest since June 22. It was last down 3.6 per cent at US$29,720.

Smaller cryptocurrencies such as ether and XRP, which tend to move in tandem with bitcoin, also lost
around five per cent.

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Investors said bitcoin was likely to test the $28,600 level touched last month, its lowest since early January.

Bitcoin in recent weeks had been locked in a relatively tight trading range, after investors sold heavily in May and June following a crackdown by China on cryptocurrency mining and trading.

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Financial watchdogs and central bankers in the West recently have also called for tighter regulation.


Click to play video: 'El Salvador 1st country to make Bitcoin legal tender'







El Salvador 1st country to make Bitcoin legal tender


El Salvador 1st country to make Bitcoin legal tender – Jun 9, 2021

U.S. Treasury Secretary Janet Yellen told regulators on Monday that the U.S. government must move quickly to establish a regulatory framework for stablecoins, a rapidly growing class of digital currencies.

Bitcoin’s fall on Tuesday took its losses for the month to around 15 per cent. It has fallen by more than half since hitting a peak of almost $65,000 in April.

(Reporting by Tom Wilson; editing by Jason Neely)






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