ANL 29.18 Increased By ▲ 0.83 (2.93%)
ASC 15.20 Increased By ▲ 0.06 (0.4%)
ASL 24.01 Increased By ▲ 0.36 (1.52%)
AVN 96.50 Increased By ▲ 0.90 (0.94%)
BOP 9.25 Increased By ▲ 0.05 (0.54%)
BYCO 10.40 Increased By ▲ 0.33 (3.28%)
DGKC 133.55 Increased By ▲ 1.05 (0.79%)
EPCL 49.10 Increased By ▲ 0.40 (0.82%)
FCCL 24.95 Increased By ▲ 0.40 (1.63%)
FFBL 25.30 Decreased By ▼ -0.33 (-1.29%)
FFL 15.99 Decreased By ▼ -0.01 (-0.06%)
HASCOL 11.07 Increased By ▲ 0.01 (0.09%)
HUBC 85.00 Increased By ▲ 0.80 (0.95%)
HUMNL 7.68 Increased By ▲ 0.41 (5.64%)
JSCL 25.30 Increased By ▲ 0.65 (2.64%)
KAPCO 37.09 Increased By ▲ 0.99 (2.74%)
KEL 4.21 Increased By ▲ 0.16 (3.95%)
LOTCHEM 15.00 Increased By ▲ 0.24 (1.63%)
MLCF 47.01 Increased By ▲ 1.01 (2.2%)
PAEL 39.34 Increased By ▲ 0.59 (1.52%)
PIBTL 12.05 No Change ▼ 0.00 (0%)
POWER 10.72 Increased By ▲ 0.12 (1.13%)
PPL 91.26 Increased By ▲ 0.66 (0.73%)
PRL 26.70 Increased By ▲ 0.40 (1.52%)
PTC 9.20 Increased By ▲ 0.06 (0.66%)
SILK 1.44 Increased By ▲ 0.04 (2.86%)
SNGP 38.90 Decreased By ▼ -0.10 (-0.26%)
TRG 145.00 Increased By ▲ 6.25 (4.5%)
UNITY 33.01 Increased By ▲ 0.86 (2.67%)
WTL 1.62 Increased By ▲ 0.06 (3.85%)
BR100 4,948 Increased By ▲ 74.14 (1.52%)
BR30 25,683 Increased By ▲ 446.68 (1.77%)
KSE100 45,868 Increased By ▲ 505.25 (1.11%)
KSE30 19,160 Increased By ▲ 275.47 (1.46%)
Business & Finance

Bitcoin slumps 10% as pullback from record high gathers pace

  • Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact.
21 Jan 2021

LONDON: Bitcoin slumped 10% on Thursday to a 10-day low, retreating further from record highs, with traders citing fears of tighter US regulation.

The world's most popular cryptocurrency Bitcoin was last down 7.5% at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8.

The pullback comes amid growing concerns that bitcoin is one of a number of financial market price bubbles.

Fears that US President Joe Biden's administration could attempt to regulate cryptocurrencies have also weighed on sentiment, traders said.

During a Senate hearing on Tuesday Janet Yellen, Biden's pick to head the US Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities.

"I think many are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that money laundering does not occur through these channels," said the former chair of the US Federal Reserve.

Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact.

"The action over the last 36 hours or so has largely been rippling outwards from the Janet Yellen comments on crypto," he said, adding that it was still unclear exactly what, if any, moves the Biden administration would take.

"We do think it's probably still just a lapse in momentum rather than a sea change, though."