Investing.com - The price of digital currency bitcoin turned lower on Sunday a day after rising above the $11,500 level for the first time in two weeks, while the other major cryptocurrencies were also lower.
Bitcoin was trading at $11,130 on the Bitfinex exchange, down around 1.85% for the day. Prices hit a high of $11,526 on Saturday, the most since February 20.
Other major cryptocurrencies also traded lower, with Ethereum, the world’s second largest cryptocurrency by market cap, losing around 2.3% to trade at $843.80.
The third largest cryptocurrency Ripple was down about 1.5% to $0.89.
Bitcoin hit highs of around $20,000 in mid-December before crashing back below $6,000 earlier this year, although it has since recovered to around $11,000.
On Friday, Bank of England Governor Mark Carney called for a regulatory crackdown on cryptocurrencies and warned that they are failing as a medium of exchange.
Carney said the time had come “to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system."
His warning comes amid growing efforts by governments around the world to clamp down on cryptocurrency trading.
The European Union warned late last month that it is prepared to regulate cryptocurrencies if risks from the sector increase, while China has shuttered bitcoin exchanges and clamped down on initial coin offerings.