Bitcoin fell on Tuesday to its lowest in almost a month, slumping below US$30,000 as regulators continued calls for tighter checks on cryptocurrencies.
The world’s largest cryptocurrency fell as much as five per cent to US$29,300, its lowest since June 22. It was last down 3.6 per cent at US$29,720.
Smaller cryptocurrencies such as ether and XRP, which tend to move in tandem with bitcoin, also lost
around five per cent.
Investors said bitcoin was likely to test the $28,600 level touched last month, its lowest since early January.
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Bitcoin in recent weeks had been locked in a relatively tight trading range, after investors sold heavily in May and June following a crackdown by China on cryptocurrency mining and trading.
Financial watchdogs and central bankers in the West recently have also called for tighter regulation.
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U.S. Treasury Secretary Janet Yellen told regulators on Monday that the U.S. government must move quickly to establish a regulatory framework for stablecoins, a rapidly growing class of digital currencies.
Bitcoin’s fall on Tuesday took its losses for the month to around 15 per cent. It has fallen by more than half since hitting a peak of almost $65,000 in April.
(Reporting by Tom Wilson; editing by Jason Neely)
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