In November last year, the bitcoin price peaked at 69,000 dollars. Since then, the world’s most important and largest cryptocurrency has been in free fall. And on Friday, the downturn intensified further with a fall of over ten percent.
Now a bitcoin costs just over 38,000 dollars. The fall in value since November is thus well over 40 per cent.
For the second largest cryptocurrency, etherum, the fall was even greater on Friday with around 15 percent. Etherum has also fallen by more than 40 percent since its peak last autumn.
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Digital currencies under pressure
According to CNBC, several experts warn that increased regulatory scrutiny in several countries and intense price fluctuations are dampening the outlook for cryptocurrencies.
China bans all crypto-related activities. US authorities are also cracking down on certain aspects of the market. And Russia’s central bank this week proposed a ban on the use and extraction of cryptocurrencies on Russian territory. The central bank believes that the digital currency poses a risk to financial stability and monetary sovereignty.
Russia is among the three largest countries for the extraction of bitcoin after the United States and Kazakhstan.
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