Why is the price of bitcoin and other cryptocurrencies falling?
CBSN
Although the price of bitcoin has partly rebounded after last week's rout, the digital currrency remains well off its April 13 high of nearly $65,000. In early trading on Monday bitcoin fetched $38,477, up 12% from the previous day, according to Coindesk.com.
The extreme volatility that has marked bitcoin's emergence in recent years was on full display when its price plunged as much as 29% earlier this month after financial regulators in China banned domestic banks and other financial institutions from supporting bitcoin. That includes processing payments, allowing customers to hold bitcoin in their accounts and converting bitcoin into yuan or any other currency.
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