Bitcoin price crash: Cryptocurrencies plummet over bear market fears – Ethereum drops

Cryptocurrency: Expert discusses success of Bitcoin

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Bitcoin fell from $37,156 at 6.30am BST to $35,144 at 10.25am BST.

This was a fall of 5.4 percent in just a few hours.

Separately the value of Ethereum declined from $2,565 at 6.15am to $2,428 at 10.15am, a 5.3 percent drop.

Bitcoin has had an unstable 2021 with its value fluctuating between $30,000 and $65,000.

It followed a year of huge growth in the virtual currency’s value in 2020.

Earlier this month the value of Bitcoin, Ethereum and Dogecoin fell sharply following new regulations in China.

Beijing has cracked down on Bitcoin mining after controversy about the amount of electricity it uses.

There is speculation US lawmakers may attempt to impose financial oversight over the unstable market.

Ipek Ozkardeskaya, a senior Swissquote analyst, predicted a busy weekend of crypto trading.

He commented: “Looking at the unrest across the crypto market, there is a chance that we see another hectic weekend trading in Bitcoin and other cryptocurrencies.”

Edward Moya, a senior market analyst at Oanda Corporation, warned the market remains unstable.

He said: “Volatility has eased this week, but that probably won’t last entering a long weekend.

“Bitcoin’s consolidation phase should continue, but if the $37,000 level breached momentum, it could get ugly fast.”

More to follow…

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