Bitcoin falls 5.2pc to $33,849

31 May, 2021 12:00 AM printer

NEW YORK: Bitcoin dipped 5.16 per cent to US$33,849.47 at 18:00 GMT on Saturday (May 29), losing US$1,842.99 from its previous close.

Ether, the coin linked to the ethereum blockchain network, dropped 6.26 per cent to US$2,262.06 on Saturday, losing US$151.11 from its previous close, report agencies.

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 47.8 per cent from the year’s high of US$64,895.22 on Apr 14.

It has been less volatile in the past week but losses this month have been heavy at 38 per cent, driven by growing regulatory pressures on the sector. It is trading at levels last seen in January and at roughly half its peak value.