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Crypto Prices Continue to Tumble During Holiday Rut

Investing.com – Cryptocurrency prices slumped on Friday, with Bitcoin falling to a new yearly low.

Bitcoin (BitfinexUSD) fell 4.93% to $4,378.00 on the Bitfinex exchange, as of 9:03 AM ET (14:03 GMT), after falling to a 14-month low of $4,411.00 during Asian trading hours.

The digital currency is down more than 75% from its peak of $20,000 in 2017.

Cryptocurrencies overall were lower, with the total coin market capitalization at $141 billion at the time of writing, compared to $147 billion on Thursday.

Ethereum,or Ether, decreased 7% to $123.77 and Litecoin was at $32.489, down 4.95%, while XRP lost 6% to $0.41423.

Trading is expected to be thin, as traders celebrate the Thanksgiving holiday weekend.

Meanwhile, UK regulators warned investors against digital coin derivatives earlier this week.

The Financial Conduct Authority (FCA) could ban some crypto-based derivatives, Christopher Woolard, executive director of strategy and competition at the FCA, said at a crypto event in London.

“We’re concerned that retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens … Given this, the FCA will also consult on a prohibition of the sale to retail consumers of derivatives referencing certain types of cryptoassets (for example, exchange tokens), including contracts-for-difference, options, futures and transferable securities,” Woolard warned.

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