Potential Reasons For Bitcoin’s Latest Price Drop, Detailed By Forbes
Today, the crypto market is mostly green with the most important coin trading in the green as well.
Bitcoin was able to surpass the important psychological level of $10k once again after a couple of days of correction.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $10,053.41.
The level of $10k is really important because it’s a vital FOMO trigger, according to experts.
The U.S. BTC and crypto community had a rough past week, and this one began pretty terribly price-wise as well.
Forbes said that the future looks bleak for digital assets, despite the boost in prices that began yesterday.
Potential reasons for BTC’s recent fall in price
Forbes wrote that during the past week Treasury secretary Steven Mnuchin warned “significant” new “BTC and crypto regulations are on their way, Minneapolis Federal Reserve President Neel Kashkari branded cryptocurrencies “a giant garbage dumpster,” and the Department of Justice called bitcoin mixing “a crime.””
Anyway, after the price drop, BTC is now racing again and the most important coin in the market remains up almost 50% since the beginning of the year.
Last year, Mnuchin said the following:
“We want to make sure that technology moves forward but, on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts.
He also added that FinCEN and the Treasury Department more broadly are “spending a lot of time on this.”
You should check out Forbes’ original article if you want to see their explanations.
Other than this, despite this massive volatility that we see in the crypto market, the optimistic predictions about BTC continue, and the main one is that BTC will be hitting $100k.
It’s said that this huge tidal wave is still in the cards.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.