A bitcoin sign can be seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.
Chris McGrath | Getty Images
Bitcoin’s price was firmly above the $ 40,000 level on Friday as cryptocurrency investors were hit by a huge sell-off earlier this week.
The digital coin rose 2.2% to $ 41,065 at 8:20 a.m. ET, according to Coin Metrics, its worst week since March 13. It surged above the $ 42,000 mark on Thursday as digital currencies tried to rebound from a brutal sell-off earlier in the week.
Other cryptocurrencies were down on Red Friday, with the ether falling 3.4% to $ 2,707, the XRP falling 4.6% to $ 1.13, and the Litecoin falling 2% to $ 206. Dogecoin, a meme-inspired crypto backed by Elon Musk, CEO of Tesla, fell 2.8% to 39 cents.
Bitcoin’s profits were capped Friday after the U.S. Treasury Department announced a day earlier that a transfer of cryptocurrencies worth $ 10,000 or more must be reported to the Internal Revenue Service.
“Cryptocurrency already poses a significant identification problem as it broadly facilitates illegal activities, including tax evasion,” said the Treasury Department.