24th May 2021 Morning Report

Bitcoin fell 13% on Sunday after it suffered another sell-off, it was down nearly 50% from this year’s high.  “Many point to bitcoin’s volatility as untenable,” wrote RBC Capital Markets’ Amy Wu Silverman in a research note published on Saturday. “Indeed, Bitcoin makes severe and dizzying swings.”  On Thursday, the U.S. Treasury Department called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service, and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability. On Friday China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks. Many fund managers in cryptocurrencies have been switching to gold. 

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