A Bitcoin sign is seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.
Chris McGrath | Getty Images
Bitcoin’s price held firmly above $40,000, then fell back below the level on Friday, as cryptocurrency investors reeled from a huge sell-off earlier this week.
The digital coin was last down 3.16% at a price of $38,910.93 by 10:30 a.m. ET, according to Coin Metrics data, on pace for its worst week since March 13. It bounced above the $42,000 mark on Thursday as digital currencies attempted to rebound from a big sell-off earlier in the week.
Other cryptocurrencies were in the red Friday, with ether last down 10.5% at $2,502.95, XRP off by 13.1% at $1.04 and litecoin falling 12.1% to $184.31. Dogecoin, a meme-inspired crypto supported by Tesla CEO Elon Musk, was down 12.2% at 35 cents.
Bitcoin’s gains were capped Friday after the U.S. Treasury Department said a day earlier that it would require any cryptocurrency transfer worth $10,000 or more to be reported to the IRS.
“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.
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