Bitcoin falls below US$30,000 for first time in a month

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. — Reuters pic
A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. — Reuters pic

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LONDON, July 20 — Bitcoin fell today to its lowest in almost a month, slumping below US$30,000 (RM126,735) as regulators continued calls for tighter checks on cryptocurrencies.

The world’s largest cryptocurrency fell as much as 5 per cent to US$29,300, its lowest since June 22. It was last down 3.6 per cent at US$29,720.

Smaller cryptocurrencies such as ether and XRP, which tend to move in tandem with bitcoin, also lost around 5 per cent.

Investors said bitcoin was likely to test the US$28,600 level touched last month, its lowest since early January.

Bitcoin in recent weeks had been locked in a relatively tight trading range, after investors sold heavily in May and June following a crackdown by China on cryptocurrency mining and trading.

Financial watchdogs and central bankers in the West recently have also called for tighter regulation.

US Treasury Secretary Janet Yellen told regulators on Monday that the US government must move quickly to establish a regulatory framework for stablecoins, a rapidly growing class of digital currencies.

Bitcoin’s fall today took its losses for the month to around 15 per cent. It has fallen by more than half since hitting a peak of almost US$65,000 in April. — Reuters

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