The Bitcoin plummeted again yesterday (12 January), sending the most-used cryptocurrency on course for its worst weekly performance in the last three years as various regulators across the globe step up scrutiny and regulation out of concerns ranging from investor losses, hoarding and strains on power systems, reports Bloomberg.
The Bitcoin has seen a 22 per cent fall in the last week, the highest such slump since January 2015 and down 33 per cent down from its peak in mid-December.
Among the various factors behind the fall is South Korea’s justice minister making repeated reiterations to ban cryptocurrency exchanges while they were downplayed by a spokesperson of the President.
Mining of cryptocurrency is set to become expensive in China with the government cracking down on miners for increased power consumption.
Scrutiny is increasing in the United States over fraudulent uses and money laundering with the chairmen of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) set to testify to the Senate Banking Committee on the risks associated with the Bitcoin.