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The most popular cryptocurrency sees a drop!

The Authorities in China have tightened regulation on crypto mining & trading. The US treasury demands for stricter tax compliance on cryptocurrencies with the IRS (Internal Revenue Service). The result of which is continued sell off of Bitcoins. According to Coin metrics (a software project that organises the world’s crypto data and makes it transparent and accessible.) Bitcoin fell 16% to $31,772.43 on Sunday. Although a slight growth in the price was observed on Monday upto $36,315.52. Many personalities have commented negatively on bitcoin. Tesla CEO Elon Musk, had avoided vehicle purchases using cryptocurrency over environmental concerns. A JP Morgan report says that large institutional investors were dumping bitcoin in favour of gold. On Wednesday bitcoin has hit its lowest point more than 30% to nearly $30,000 since January. A peak was observed in April near about $65,000. According to Coinbase, bitcoin is up by 268% over the last year.

Source: CNBC

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