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Bitcoin steadies after a wild week that saw the cryptocurrency plunge 30% at one point

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A Bitcoin sign is seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.

Chris McGrath | Getty Images

Bitcoin’s price held firmly above the $40,000 level on Friday, as cryptocurrency investors reeled from a huge sell-off earlier this week.

The digital coin was up 2.2% at a price of $41,065 by 8:20 a.m. ET, according to Coin Metrics data, on pace for its worst week since Mar 13. It bounced above the $42,000 mark Thursday as digital currencies attempted to rebound from a brutal sell-off earlier in the week.

Other cryptocurrencies were in the red Friday, with ether down 3.4% at $2,707, XRP off by 4.6% at $1.13 and litecoin falling 2% to $206. Dogecoin, a meme-inspired crypto supported by Tesla CEO Elon Musk, was down 2.8% at 39 cents.

Bitcoin’s gains were capped Friday after the U.S. Treasury Department said a day earlier that it would require any cryptocurrency transfer worth $10,000 or more to be reported to the Internal Revenue Service.

“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said.

It’s the latest sign of an impending regulatory crackdown on cryptocurrencies. Earlier this week, China issued a warning reiterating its stance that financial institutions and payment firms are forbidden from providing crypto-related services.

Bitcoin and other cryptocurrencies slid as much as 30% on Wednesday, as investors reacted to the statement from China as well as mixed signals from Tesla CEO Elon Musk.

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