Bitcoin prices fell today after climbing over the weekend to the highest levels since May. Bitcoin has rallied over the past two weeks, breaking past the upper bound of a prolonged trading range between $30,000 and $40,000. The cryptocurrency traded up to $42,390 on Saturday, its highest level since May 20.
As per CoinDesk, the world’s largest cryptocurrency by market capitalization was trading over 4% lower to $39,748.5. Ether, the coin linked to ethereum blockchain network, dipped marginally at $2,560 whereas dogecoin plunged nearly 3% to $0.20. Other digital tokens including Stellar, XRP, Litecoin, Uniswap also fell in the range of 3-8% over the last 24 hours.
Crypto prices have been bolstered by supportive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood, as well as speculation over Amazon.com Inc.’s possible involvement in the cryptocurrency sector.
At the same time, scrutiny of the industry is intensifying. That includes a push by U.S. legislators for stricter rules on cryptocurrency investors to collect more taxes to fund a portion of a planned $550 billion investment into transportation and power systems, reported Bloomberg.
In another news, major cryptocurrency exchange Binance said on Friday it would wind down its futures and derivatives business across Europe, the latest move by the platform to dial back its product range as pressure grows from regulators across the world.
(With inputs from agencies)
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