Bitcoin tumbles 10% amid fresh selloff
Bitcoin prices saw another day of heavy losses on Tuesday as the value of the digital currency continued to decline amid renewed fears of US monetary policy tightening as well as a crackdown on miners in China.
In late afternoon trading in London, Bitcoin was down 10.4% in the last 24 hours at US$32,706, its lowest level in just over two weeks and giving it a market cap of around US$612bn.
READ; US officials recover millions of dollars in Bitcoin from Colonial Pipeline ransom
The cryptocurrency has been under pressure following a sharp correction last month which sparked a selloff in the market as many crypto holders were spooked by the prospect of increased regulatory scrutiny on digital currencies as well as growing concerns over the environmental impact of the Bitcoin mining process, which consumes large amounts of electricity.
Other major cryptos were also on the slide, with Ethereum dropping 11.8% to US$2,463 while meme-inspired Dogecoin slumped 12.5% to US$0.32.
MicroStrategy plans Bitcoin buy-in
While Bitcoins ongoing fall may leave some crypto traders miserable, business intelligence firm MicroStrategy Inc (NASDAQ:MSTR) appears to be planning to ‘buy the dip’.
On Monday, the company said it is planning to raise US$400mln through the issue of loan notes in order to purchase more Bitcoin, a move that has been greeted with scepticism by some analysts who are concerned the firm may be establishing itself as nothing more than a proxy for the digital currency.
Investors seemed similarly downbeat, with the company’s shares down 4.4% at US$449.15 in mid-morning trading in New York.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/951712/bitcoin-tumbles-10-amid-fresh-selloff-951712.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).