Bitcoin resumed its sell-off on Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks. The largest cryptocurrency fell 5.5 per cent to $37,615 (€30,861) in mid-morning trading in New York. China has long expressed displeasure with the anonymity provided by Bitcoin and other crypto tokens, and warned earlier in the week that financial institutions weren’t allowed to accept it for payment. Friday’s sell-off hit Bitcoin believers still fuming after one-time proponent Elon Musk did an about-turn and criticised the token for its energy usage. Elevated volatilityThe sour stretch for digital tokens started with billionaire Tesla founder Musk suspending acceptance of Bitcoin payments and trading barbs with boosters of the cryptocurrency on Twitter.

Source: The Irish Times May 21, 2021 15:22 UTC