Cryptocurrency prices drop due to regulatory pressure
Shortly after Bitcoin futures were allowed on the CBOE and CME on December 17, Bitcoin prices dropped. This was in stark contrast to the previous days when the cryptocurrency had been skyrocketing in value. The drop was a result of the U.S. Securities and Exchange Commission (SEC) issuing a warning that it would be monitoring closely for potential manipulation in the market by cryptocurrency exchanges.
The past few days have seen the price of Bitcoin drop to $5,100, which is its lowest level since January 1, 2018. Consequently, Bitcoin has been the best performing cryptocurrency for the past two weeks, returning nearly 40% of its value. Although the price of Bitcoin has dropped below the $6,000 level, it appears that there is little near-term support for the price to retest this level, as mainstream investors and traders have largely moved on from this asset class.
Bitcoin’s price dropped to the $4,000 range on Tuesday, February 15th, as the crypto industry continues to reel from news that North Korea is looking to recycle its hard-earned cash by selling off its stash of Bitcoins.. Read more about bitcoin price and let us know what you think.
Summary of the situation – Cryptocurrencies have lost 50% of their popularity since April. – Cryptocurrency prices are affected by IRS decisions and pronouncements from China. Cryptocurrency prices were lower across the board early Tuesday, as long as regulations hold. Investor interest has waned and comments from prominent figures like Donald Trump have helped drive losses. These anti-cryptocurrency comments on the Internet led to $200 million in market sales. Bitcoin has lost 8.4 percent of its value in less than 24 hours, according to Coingecko. Last Monday, the price of the cryptocurrency dipped below $30,000. The drop in cryptocurrency prices also affected Ethereum, which lost more than 9% of its value. The cryptocurrency was trading at $2515, while Dogecoin lost 13% to $0.325888.
Crypto currencies prices started the month lower
Cryptocurrency prices have plummeted since the beginning of June, mostly due to impending regulations. The situation with cryptocurrencies has worsened, with some overly pessimistic investors even saying they expect a collapse. At least nine of the top 10 cryptocurrencies lost value on Tuesday morning. Global market capitalization lost 10% after cryptocurrency prices collapsed. BNB, a Binance token, lost 11.9 percent of its value, while XRP, owned by US-based Ripple Labs, lost 10.5 percent of its value. Cryptocurrencies like DOT from multi-chain company Polkadot saw the biggest drop in value in less than a day. DOT lost 13.4% of its capitalization, causing huge losses to its investors. According to analyst Thomas Westwater, this downturn in cryptocurrencies could bring bitcoin closer to the $30,000 mark.
Cryptocurrencies may continue to fall as selling continues, experts say
In theory, cryptocurrency prices are in a very weak position. According to experts, their average scores have been steadily declining. The moving averages of the 20-50 and 200-day lines are declining. There’s no end in sight to the crypto dilemma, because the selling hasn’t stopped yet. This massive sale of cryptocurrencies is due to the regulation of the market. US President Joe Biden first tried to discuss cryptocurrencies and ransomware. However, the Bank of China opposes the free trading of cryptocurrencies within its businesses. Weibo, the Chinese social network, has also joined the fight against the market by deleting the accounts of cryptocurrency influencers. Digital companies have also had to deal with news of the IRS demanding accountability for high transactions involving cryptocurrencies. According to Glassnode, cryptocurrency trading has lost 50% of its interest since April.The price of Bitcoin and other cryptocurrencies took a big hit as Chinese authorities cracked down on cryptocurrency exchanges. According to the Wall Street Journal, Chinese authorities have suspended trading of three exchanges and are investigating 36 more. Additionally, the banks that service bitcoin exchanges have shut down their services to clients in China.. Read more about why cryptocurrency is going down today and let us know what you think.
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