3 months ago
Cryptocurrency News

Bitcoin Continues to Fall; Allianz Head Calls for Crypto Ban

Investing.com - Cryptocurrencies continued to fall on Tuesday, while the head of Allianz said cryptoassets should be outlawed. Bitcoin dipped 4.5%

Investing.com - Cryptocurrencies continued to fall on Tuesday, while the head of Allianz said cryptoassets should be outlawed.

Bitcoin dipped 4.5% to $3,383.60 on the Investing.com Index, as of 9:11 AM ET (14:11 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 $112billion on Monday.

Ethereum,or Ether, decreased 5.5% to $87.24 and Litecoin was at $23.37, down 6.8%, while XRP slumped 2.4% to $0.29791.

Andreas Utermann, chief executive of European asset management firm Allianz, said on panel discussion that digital coins should be banned.

"I am personally surprised that regulators haven't stepped in harder," he added.

The comments were directed at Andrew Bailey, the head of Britain's Financial Conduct Authority, who was also at the event.

Bailey responded saying "that's quite strong actually!" before adding there was "no intrinsic value" in cryptoassets.

In other news, digital coin companies are firing staff due to the most recent market selloff, The Wall Street Journal reported. Blockchain venture firm ConsenSys is cutting 13% of its staff, while blockchain-based social network company Steemit slashed 70% of its employees.