Cryptocurrencies continued their collapse, and Bitcoin recorded more losses, with the uncertainty surrounding cryptocurrencies in recent days.
The world’s most famous cryptocurrency fell on Tuesday to its lowest level in 3 weeks due to US messages.
Bitcoin continues to decline amid signs of caution from institutional investors, while the head of the US tax administration called on Congress to give his administration clear legal powers regarding the reporting of cryptocurrency transfers.
Bitcoin fell 4.5% to $32055.20 in late trading, after falling during the session to $31,025, its lowest since May 19, when it plunged to about $30,000 for the first time since January.
The cryptocurrency has lost half its value since hitting a record high of nearly $65,000 in April.
According to Bloomberg News, the first cryptocurrency, “Bitcoin”, is gradually losing most of its gains it made since the beginning of 2021, until its profits are less than achieved through investing in traditional assets.
Since the beginning of trading this month, cryptocurrencies have been struggling to overcome their losses last May.
The current levels of the bitcoin price have not been seen since February and are near half of the peak of $65,000 recorded last April.
The price of the world’s first cryptocurrency is changing in real time, and the market value of Bitcoin globally has plunged to $597.56 billion.