A Bitcoin sign is seen at the entrance to a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.
Chris McGrath | Getty Images
The price of Bitcoin fell back below the $ 40,000 level on Friday after Chinese authorities stepped up calls for a crackdown on mining and the cryptocurrency trade.
The digital coin was last down 10.7% at a price of $ 35,891.2 at 4:05 p.m. ET, according to data from Coin Metrics, on pace for its worst week since March 13. It rebounded above the $ 42,000 mark on Thursday as digital currencies attempted to rebound. from a massive sale earlier in the week.
Other cryptocurrencies were in the red on Friday, with Ether down 16.9% to $ 2,328.91, XRP 17.1% to 98 cents and Litecoin down 18% to $ 172.8. . Dogecoin, a memes-inspired crypto backed by Tesla CEO Elon Musk, fell 15% to 34 cents.
Bitcoin’s gains were capped on Friday after the U.S. Treasury Department said a day earlier that it would require any transfer of cryptocurrency valued at $ 10,000 or more to be reported to the IRS.
“Cryptocurrency already poses a significant detection problem by facilitating illegal activities at large, including tax evasion,” the Treasury said.