Investing.com – Bitcoin and other major cryptocurrencies prices retreated on Thursday after jumped around 40% since the start of July and 13% so far this week.
Bitcoin was trading at $8,185.1 by 11:20PM ET (03:20 GMT) on the Bitfinex exchange, down 1.9% in the last 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, was down 0.9% to $474.1 on the Bitifinex exchange.
Ripple’s XRP token traded 0.5% higher to $0.46188 on the Poloniex exchange.
Meanwhile,Litecoin also lost 1.6% and traded at 84.744 on Thursday.
In a report, the European Union said it was worried about the future of virtual currency as it could potentially run into conflict with central banks.
Central banks and investment banks are set to release their own digital currencies, and that could mark the end of virtual currencies such as Bitcoin, according to the report.
Over the weekend, G20 finance ministers met in Argentina, and cryptocurrency was one of the subjects under discussion. The G20 said the cryptocurrency market, estimated to be valued at around $300 billion, does not “pose a global financial stability risk” at the moment.
In other news, U.S.-based Coinbase is partnering with start-up company WeGift to allow their users to convert virtual currency into gift cards.
“Whether it’s converting Bitcoin into Uber credits or Ethereum into an ASOS (LON:ASOS) e-gift card, customers will have greater flexibility and control over how they use their crypto,” San Francisco-based Coinbase said in a statement. “With the launch of e-gift cards, customers have a new option to spend their crypto balances, realizing its value to buy tangible things or experiences.”