Bitcoin's terrible run isn't over yet
June 8, 2021. Summarized by summa-bot.
Compression ratio: 52.9%. 1 min read.
Bitcoin is plummeting yet again.
The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars.
Musk tweeted a meme that appeared to lament the end of his relationship with the cryptocurrency, causing bitcoin's value to sink on Friday.
And over the weekend, several social media accounts related to cryptocurrency were blocked in China — a notable move from a country that has in recent weeks widened its crypto crackdown by banning banks and payment companies from providing crypto-related services, and tightening regulations against crypto mining.
Even former US President Donald Trump has knocked bitcoin recently, telling Fox Business on Monday that the currency "seems like a scam" that "takes the edge off of the dollar. "
The Biden administration has also zeroed in on the lack of regulation in the crypto market, having recently unveiled new plans to tax bitcoin more heavily.
Experts have pointed out that ransomware actors use cryptocurrency to launder their transactions, and US authorities have called the misuse of cryptocurrency in such situations a "massive enabler. " Such issues returned to the spotlight on Monday when the US Justice Department announced that authorities recovered $2. 3 million in bitcoin paid to ransomware hackers who attacked the Colonial Pipeline last month.