Bitcoin, Cryptocurrencies, Janet Yellen

Bitcoin, Cryptocurrencies

Bitcoin loses 17% in value Thursday, rebounds early Friday

Bitcoin loses 17% in value Thursday, rebounds early Friday

1/22/2021 10:02:00 PM

Bitcoin loses 17% in value Thursday, rebounds early Friday

Bitcoin fell as much as 17% Thursday, but regained its footing in early trading Friday. CoinDesk calculated that the plunge erased about $100 billion in market value.

Bitcoin fell as much as 17% Thursday, but regained its footing in early trading Friday.The world's largest crypto-currency by market cap fell below $30,000 after peaking at $41,940 earlier this month, underscoring its volatility. CoinDesk calculated that the plunge erased about $100 billion in market value.

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Bitcoin recently changed hands at $32,353, down about 22.86% from its recent high.Bitcoinhad gained about 400% in 2020 and ended the year just over $29,000.The crypto-currency appears to be a favorite of day traders and long-term investors hedging against what they fear will be devaluation of the dollar, pound and euro due to quantitative easing by the U.S. Federal Reserve and other central banks as part of the effort to stabilize economies pounded by the COVID-19 pandemic.

Ethereum, often called Ether and the world's second largest crypto-currency in total value, also fell Thursday. It dropped about 22% to $1,053.80, but rebounded in early trading Friday to $1,227.66.Ether jumped about 471% last year, CoinDesk reported. headtopics.com

Amid the trading turmoil, there are calls in the U.S. and Europe for tighter regulation of Bitcoin and other crypto-currencies.President Biden has nominated Gary Gensler, a former investment banker at Goldman Sachs and former chairman of the Commodity Futures Trading Commission, to be chairman of the U.S. Securities and Exchange Commission (SEC). The SEC oversees securities markets, financial- services companies and companies offering stock to the public for the first time in an Initial Public Offering.

Secretary of the Treasury nominee Janet Yellen told the Senate Finance Committee during her nomination hearing on Tuesday that she believes in a “fair and progressive tax code” and explained President-elect Joe Biden’s plan to repeal parts of President Donald Trump’s 2017 tax cuts. In the photo above, Yellen speaks during an event to name President-elect Joe Biden’s economic team at the Queen Theater on December 1, 2020, in Wilmington, Delaware.

Alex Wong/GettyGensler, winner of the Massachusetts Institute of Technology Sloan Outstanding Teacher Award in the 2018-2019 academic year, taught classes about crypto-currencies and block chain, the unbreakable and unalterable ledger used to track Bitcoin transactions. He has called for increased regulation of crypto-currency exchanges.

Read more: Newsweek »

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