Bitcoin fell 13% on Sunday (May 23rd) after the world’s largest and most famous cryptocurrency was hit by other sales, down nearly 50% from its highest level of the year.
Bitcoin fell to $32,601 in trading, and ethereum-linked ethereum blockchain fell 17% to $1,905 in Sunday trading.
Bitcoin came under pressure after a series of tweets last week by TESLA CEO and cryptocurrency backer Elon Musk, with his company refusing to accept bitcoin as a payment method.
In addition, China on Friday cracked down on mining and trading in the largest cryptocurrency as part of ongoing efforts to prevent speculation and financial risks.
China’s Financial Stability and Development Commission, chaired by Vice Premier Liu Hee, identified bitcoin as the asset it needed for further regulation.
The statement came days after three Chinese industrial bodies tightened the ban on banks and payment companies providing encryption-related services, a sharp escalation of the country’s efforts to eliminate speculation and virtual currency fraud.
China’s crackdown on cryptocurrencies came after the U.S. Treasury Department on Thursday called for new rules requiring the Internal Revenue Service to be informed of large transfers of cryptocurrencies, and the Federal Reserve noted the risks posed by cryptocurrencies to financial stability.