Bitcoin drops 10% to $ 33,747, ether drops 14% By Reuters

© Reuters. FILE PHOTO: A collection of virtual currency Bitcoin tokens is shown in this photo taken December 8, 2017. REUTERS / Benoit Tessier / Illustration

(Reuters) -Bitcoin plunged 10% to $ 33,747.21 at 2:00 p.m. GMT (10 a.m. ET) on Sunday, losing $ 3,753.33 from its previous close.

, the world’s largest and best-known cryptocurrency, is down 48% from its year’s high of $ 64,895.22 on April 14.

Ether, the coin linked to the Ethereum blockchain network, fell 14% to $ 1,973.96 on Sunday, losing $ 322.35 from its previous close.

Bitcoin markets operate 24/7, paving the way for price fluctuations at unpredictable times.

“Many see Bitcoin’s volatility as untenable,” RBC Capital Markets’ Amy Wu Silverman wrote in a research note released Saturday. “Indeed, Bitcoin is making severe and dizzying swings.”

Bitcoin had been under pressure after a series of tweets last week from billionaire Tesla (NASDAQ 🙂 CEO and cryptocurrency backer Elon Musk, mainly his reversal on Tesla accepting Bitcoin as payment.

In addition, on Friday, China cracked down on mining and trading in the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.

China’s Financial Stability and Development Committee, chaired by Vice Premier Liu He, has named bitcoin as the asset it needs to further regulate.

The statement, which came days after three Chinese industry bodies tightened the ban on banks and payment companies providing crypto-related services, was a sharp step up in the country’s efforts to root out speculation and fraud in virtual currencies.

China’s latest campaign against crypto came after the US Treasury Department on Thursday called for new rules that would require large transfers of cryptocurrency to be reported to the Internal Revenue Service, and the Federal Reserve reported the risks that cryptocurrencies posed for financial stability.

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