Bitcoin Tumbles 9% as Cryptos Continue to Fall

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Investing.com – Cryptocurrencies slumped on Friday, with nearly all major digital coins down at least 90% from their all-time highs.

fell nearly 9% to $3,424.0 on the Investing.com Index, as of 8:46 AM ET (13:46 GMT).

Digital coins have fallen dramatically in recent weeks, with Bitcoin trading at 90% less than its value a year ago as traders worry about increased regulatory scrutiny and volatility.

Cryptocurrencies overall were lower, with the total coin market capitalization at $107 billion at the time of writing, compared to $120 billion on Thursday.

, or Ether, decreased 13% to $86.58 and was at $24.99, down about 10%, while slumped 10% to $0.3024.

Meanwhile the creation of a Bitcoin exchange traded fund is unlikely anytime soon, said SEC Commissioner Hester Peirce, who dissented with the authority’s decision to reject a Bitcoin ETF.

“Don’t hold your breath. The SEC took a long time to [establish] Finhub. It might take even longer to approve an exchange traded product,” she said.

In other news, two Congressman have introduced bipartisan bills that ask financial regulators to better oversee digital coins in order to product investors and businesses.

The two bills introduced by Rep. Darren Soto (Fl.-D.) and Rep. Tedd Budd (N.C.- R.) are aimed at helping make the U.S. a leader in the industry, the two said.

“Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth,” Soto and Budd said in a joint statement.

The first bill seeks to require research on how crypto price manipulation takes place and its impact on investors. The second bill asks regulators to research regulations of digital coins around the globe.

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