Bitcoin falls below $ 40,000 as it closes the wild week of trading

A bitcoin sign can be seen at the entrance of a cryptocurrency office on April 16, 2021 in Istanbul, Turkey.

Chris McGrath | Getty Images

Bitcoin’s price fell back below USD 40,000 on Friday after Chinese authorities increased calls to crack down on cryptocurrency mining and trading.

The digital coin last fell about 9% at 2:30 p.m. ET at a price of $ 36,575.97, according to Coin Metrics data, up the pace of its worst week since March 13. It passed the $ 42,000 mark on Thursday as digital currencies attempted rebounded from a big sell-off earlier this week.

Other cryptocurrencies were down on Red Friday, with Ether most recently falling 14.2% to $ 2,403.03, XRP falling 14.7% to $ 1.01, and Litecoin falling 15.4% to $ 178.14. Dogecoin, a meme-inspired crypto backed by Tesla CEO Elon Musk, fell 12.9% to 35 cents.

Bitcoin’s profits were capped Friday after the U.S. Treasury Department announced a day earlier that a transfer of cryptocurrencies worth $ 10,000 or more must be reported to the IRS.

“Cryptocurrency already poses a significant identification problem as it broadly facilitates illegal activities, including tax evasion,” the Treasury Department said.

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