Bloomberg

Bitcoin Ends Week in Volatile Flux With China Rattling Bulls

(Bloomberg) — Bitcoin whipsawed heading into the weekend after a fresh warning from Chinese officials over cracking down on cryptocurrencies.The largest digital currency fell as much as 10% in late Friday trading to as low as $33,550 before rebounding to as high as $38,133. The coin almost hit $30,000 earlier in the week, after ending May 14 at $49,100.The latest blow came when China’s State Council reiterated its call to curtail Bitcoin mining and trading. The crypto market was already rattled earlier in the week by forced selling and possible U.S. tax consequences.“You must always proceed cautiously with China — never get too bullish or bearish,” said David Tawil, president of ProChain Capital. “We’ll have to see what the regulation brings. It’s one thing to say, it’s another to do.”The earlier selloff on Friday hit Bitcoin believers still fuming after onetime…

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