Bitcoin drops by 0.7% to close at $38,000

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Bitcoin on Friday morning dropped by 0.70% to close at $36,836.44 after rising above $38,000 on Thursday following the Basel Committee’s proposal, which gave banks a green light to hold the leading cryptocurrency and other digital assets.

The top cryptocurrency had hit a high of $38,461 during the European hours, extending Wednesday’s double-digit rally to above $37,500, according to CoinDesk 20 data.

The International Monetary Fund (IMF) had said that El Salvador’s adoption of Bitcoin as legal tender may imply risks and regulatory challenges.

JP Morgan, in its analysis, said that Bitcoin’s recent bounce has yet to dispel doubts about its vulnerability following the rout in May.

Similarly, Ethereum dropped by 4.12% on Wednesday evening to close at $2,463.71.

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