Today, the cryptocurrency market capitalization dropped by 10%, reaching 2.7 trillion US$ after being around 3 trillion US$ for several days. Bitcoin's value dropped below 60K US$ and ether was approaching 4.2K US$.
The reasons are unclear, but obviously some investors pulled the money out of the market. They expected to cash in the gains of the recent increase and probably were concerned about the new law in the US which will criminalize the failure to report trading digital assets.
In addition to the above mentioned, China is looking into further punishing the cryptocurrency industry by stating that they will study the possibility of fining companies that are engaged in cryptocurrency mining.
For more information, read this article.
People are in crypto for different reasons.
I don't care what the price of Bitcoin is today, I expect governments to fight Bitcoin that's the whole reason why I am in crypto to fight governments monopoly on money, and unfair laws and taxes.
It's either them or us, and frankly I don't want to live in a world where they win. In other words it is a live or die by Bitcoin for me.
It is true that many people are withdrawing cash due to strict anti-cryptocurrency laws in various countries and temporary price increases. This may be one of the reasons why prices are falling.
Rising of anti-cryptocurrency is the reason why and which is also happening here in Nigeria. Thanks for sharing and have a wonderful day