Bitcoin and Ether Tumble as Regulatory Storm Clouds Gather

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Bitcoin Ether and other cryptocurrencies tumbled on Friday as threats of a new regulatory crackdown in the U.S. loomed over the digital asset market, threatening to undo gains from a rally that has carried cryptos higher so far this year.

The price of Bitcoin has fallen 3.9% over the past 24 hours to below $21,681.03 after trading near $23,000 on Thursday before news of scrutiny on crypto platforms from the Securities and Exchange Commission pushed prices lower. The largest digital asset has hovered around $23,000 for much of the past few weeks—a high point at which it had consolidated following a 40% rally to start 2023—and now looks vulnerable to a correction. Ether, the second-largest crypto that is in the spotlight amid the SEC’s actions, was weaker, dropping 6% to below $1,550.