Bitcoin tumbles below $36,000 as crypto markets extend losses after tumultuous week

The world’s crypto pioneer, bitcoin, slumped below $36,000 on Friday, marking a day-over-day decline of almost 10% as its market rivals, including ether and dogecoin, also saw declines.

Bitcoin recouped some of the earlier losses later in the day. It was trading at $36,902 at 1:38pm GMT, having dropped nearly 8% in the past 24 hours.

The world’s biggest digital asset has been trying to recover after a brutal week that saw its price tumble 50% from all-time highs to around $30,000 last week.

Meanwhile, the price of ether has fallen by around 9% in the past 24 hours to $2,592 per coin, while dogecoin’s price has dropped by around 8% to slightly over 31 cents.

Last week’s collapse of the cryptocurrency market was sparked by crackdowns on virtual currencies in China and the US.

Beijing called for tighter regulation on crypto mining and trading, reinforcing rules introduced in 2017, while the US Treasury said it would require stricter crypto compliance with the Internal Revenue Service (IRS).

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