In November of last year, the price of Bitcoin peaked at $69,000. Since then, the world’s most important and largest cryptocurrency has been in a free fall. On Friday, the slowdown intensified further with a decline of more than ten percent.
Now Bitcoin costs just over $38,000. Thus, the decline in value since November is more than 40 percent.
For the second largest cryptocurrency, ethereum, the decline was even greater on Friday, at around 15 percent. Ethereum has also fallen more than 40 percent since its peak last fall.
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Cryptocurrency under pressure
According to CNBC, many experts warn that increased regulatory scrutiny in many countries and extreme price fluctuations are weakening the outlook for cryptocurrency.
China bans all activities related to cryptocurrency. US authorities are also cracking down on certain aspects of the market. This week, the Russian Central Bank proposed a ban on the use and mining of cryptocurrencies on Russian soil. The central bank believes that digital currency poses a threat to financial stability and monetary sovereignty.
Russia is among the three largest bitcoin miners after the United States and Kazakhstan.
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