We are thrilled to have you on our site. If you enjoy the post you have just found kindly Share it with friends.

Bitcoin fell on Friday to its lowest level this week, raising losses from a growing campaign against it in China and environmental concerns to nearly 40 percent since the start of the month.

The major cryptocurrencies added to their previous losses, dropping 8.2 percent to $ 35,339, as they remained in a relatively narrow trading range this week. It was down in the latest transactions by 6.2 percent.

The cryptocurrency lost 37 percent of its value in May, and this will be its worst monthly performance since September 2011 if it continues at the same pace.

And pushed it to retreat, China’s efforts to eliminate electronic mining operations to extract and circulate cryptocurrencies, in addition to Tesla’s move to stop receiving payments with it due to concerns about energy consumption.

However, Bitcoin has gained about 3 per cent this week. Trading takes place 24/7 in cryptocurrency markets, and volatility is common on weekends.

Smaller cryptocurrencies have also fallen, which usually rise and fall with Bitcoin. And the second largest digital currency, Ethereum, fell by as much as 11 percent, to reach its lowest level in four days.

Follow our latest local and sports news, and the latest political and economic developments via Google news


Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of Algulf.net and Algulf.net does not assume any responsibility or liability for the same.


Please enter your comment!
Please enter your name here