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Cryptocurrencies

Bitcoin suffers worst week of year as regulatory challenges mount

Slide of 30% poses challenges in widening cryptocurrency’s appeal

The price of bitcoin has fallen more than 80% since its peak in December    © Reuters

TOKYO -- Bitcoin suffered its biggest weekly loss for the year amid a string of regulatory setbacks, posing fresh challenges in broadening the appeal of cryptocurrencies. 

The price of bitcoin fell to $3,447 on Sunday, its lowest level since last September, according to CoinDesk, bringing the fall for the week to 30%, its biggest seven-day slide this year.  On Monday, it pared back some of the losses, trading at around $4,000 by afternoon trading in Tokyo, less than half the $8,400 achieved in July. 

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