BITCOIN'S DEEP DIVE
Bitcoin took a dive to its lowest price this Sunday, it cut right through the support made by alternative cryptocurrencies (altcoins) when Coinbase got enlisted in Nasdaq recently.
Bitcoin, the mother of all cryptocurrencies and has a market capitalization that was about $60,000 dropped to $52,148 in about a quarter of an hour at the Asian session and about $4 billion was liquidated.
While many speculative reasons for the fall have been put out and non gives a clear picture, it appears to have been brought about by the rumor of the U.S Treasury’s plan to bring to book financial institutions for laundering money with cryptocurrency. This is a tweet put out by the FxHedge:
U.S. TREASURY TO CHARGE SEVERAL FINANCIAL INSTITUTIONS FOR MONEY LAUNDERING USING CRYPTOCURRENCIES -SOURCES
So far so go there has not been any action made public by the government.
Right now bitcoin’s daily loss percentage is about -12%, Ether is about -13% and other altcoins took a dip too. XRP fell back to about -20% Polkadot and Litecoin were about -18.08, bitcoin cash was -18.96, DOGE is at -6% as gotten from CoinDesk.
XRP and dogecoin, the meme cryptocurrency had retailers buying and rallying up prices as Coinbase was anticipated to enlist them on Nasdaq on the 14th creating buying traction around the coins.
Bitcoin was at about $64,000 reaching a record high before the Nasdaq listing on the 14th of this month
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