Bitcoin Drops 13% After Suffering Another Sell-Off

Bitcoin slid 13% to $32,601 on Sunday after it was hit by further sell-offs that sent it nearly 50% down from its year high.

The world's largest cryptocurrency lost $4,899 from its previous close, after it had It reached a high in mid April at $64,895.

Ethereum also fell 17% to $ 1,905 on Sunday, losing $ 391.31 from its previous close.

Bitcoin has come under pressure after a series of tweets last week by Tesla's CEO Elon Musk, reversing the acceptance of Bitcoin as a payment method for his e-vehicles.

On Friday, China also took strict measures against using the cryptocurrency in financial institutions, banning  banks and payment companies to provide crypto-related services.

Moreover, the US Treasury on Thursday called for new rules requiring the Internal Revenue Service (IRS) to be notified of large cryptocurrency transfers, pointing to the volatility risks that cryptocurrencies pose to financial stability.