The crypto-money market was trading higher Monday, May 24, 2021 after plunging over the past week. The price of bitcoin edged up to USD 37,000 or around IDR 531.14 million (assuming an exchange rate of IDR 14,355 per US dollar) after falling to less than USD 32,000 in trading on Sunday, May 23, 2021.
Referring to CoinDesk data, bitcoin rose about 8 percent to USD 36,764.83 or around IDR 526.42 million in the 24 hours leading up to 5:00 am ET. Puts the market capitalization of the world's most popular cryptocurrency at around USD 686 billion.
Meanwhile, Ether, the world's second most popular cryptocurrency, rose to more than USD 2,300 or around IDR 33.01 million in trading earlier this week, from below USD 1,800 previously.
Ether was trading for around USD 2,296.90 by 5:00 a.m. ET - up 14 percent over 24 hours and by a market cap of around USD 266 billion, according to CoinDesk.
Meanwhile Dogecoin is also showing signs of recovery, with the price rising from 24 cents on Sunday to 33 cents on Monday.
In general, the crypto market is seeing the greenest, with only a handful of lesser known coins dropping in the last 24 hours. It comes after a week of chaos that has left many crypto investors reeling.
The massive sale of crypto assets last week came after authorities in China and the US decided to tighten regulation and tax compliance on cryptocurrencies.
Chinese authorities are calling for stricter regulations on crypto mining and trading. The US Treasury Department announced Thursday, May 20, 2021 that it would require stricter crypto compliance with the IRS.
Earlier, bitcoin prices fell again after intensive calls from Chinese authorities to crack down on cryptocurrency mining and trading.
Chinese Deputy Prime Minister Liu He and the State Council said stricter regulations were needed to protect the financial system. The statement was released on Friday evening in China.
The regulator stressed the need to crack down on bitcoin mining and trading behavior and strictly prevent the transmission of individual risk to the social sphere.
The price of bitcoin on Coin Metrics slumped more than 8.5 percent on the news. The pressure on bitcoin adds to the decline in the digital currency, which is already down more than 40 percent from its peak.
China's crackdown comes just a day after US officials vowed to be tough on those using bitcoin to carry out widespread illegal activities including tax evasion.
The Treasury Department said it would require reporting on crypto asset transfers of more than USD 1,000, as was the case with cash.
Concerns in China center on a number of problems. Much of bitcoin mining is carried out in China by computers that use large amounts of energy to solve complex mathematical problems to unlock cryptocurrency.
Authorities around the world have expressed concern about how bitcoin and its partners are used in illegal ways.
"It is important to maintain the smooth running of the stock, debt and foreign exchange markets, crack down on illegal securities activities and tough legal illegal financial activities," the statement was quoted as saying.
As part of its efforts to streamline the burgeoning digital currency space, China's central bank has become one of the first in the world to develop its own yuan-backed digital currency.
The Federal Reserve said it would soon release a paper outlining its own research into the area of central bank digital currencies.
@tampan12
The collapse in prices has affected thousands of people around the world and apparently many will lose the benefits obtained in recent months, in addition, the price of STEEM and SBD also suffered the impact of the fall I suppose that from now on the payment of the rewards will not be enough for many.
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I agree with your opinion, I hope bitcoin can be even better, because it is used as a benchmark for the entire crypto world
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