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Bitcoin slides amid regulatory crackdown and profit-taking



CNBC’s Kate Rooney takes a take a look at what brought on the bitcoin selloff over the weekend. Subscribe to CNBC PRO for entry to investor and analyst insights on crypto and extra:

The value of bitcoin tumbled over the weekend and was down as a lot as 19.5% from report highs posted by the favored cryptocurrency previously week.

Bitcoin dropped as little as $52,148.98 on Sunday morning after reaching an all-time excessive above $64,800 on Wednesday, in response to CoinDesk. It was final buying and selling simply over $55,795.

Different cryptocurrencies, together with ether and dogecoin, additionally took a success over the weekend. The value of ether, the second-biggest token by market worth, dropped as a lot as 18% and fell beneath $2,000 on Sunday earlier than extra just lately buying and selling at over $2,150. The token had additionally just lately hit report highs, topping $2,500 on Thursday.

In the meantime, dogecoin, which soared greater than 400% at one level final week and hit an all-time excessive of 45 cents, dropped as little as 24 cents this weekend.

What precisely is driving the drop is unclear.

An unverified report on Twitter claimed that the U.S. Treasury Division may very well be trying to crack down on monetary establishments for cash laundering utilizing cryptocurrency.

A tweet from the account @Fxhedgers that referred to the opportunity of a crackdown, citing unnamed sources, went viral on Saturday night.

The U.S. Treasury Division didn’t instantly reply to CNBC’s request for remark.

The cryptocurrencies hit report highs this previous week amid the joy surrounding the inventory market debut of cryptocurrency buying and selling platform Coinbase, which grew to become the biggest cryptocurrency firm to go public on Wednesday. The corporate’s blockbuster direct itemizing briefly valued Coinbase at about $100 billion (earlier than falling to simply over $62 billion by the top of the week), giving a lift to the remainder of the cryptocurrency business.

Regardless of these report costs, some buyers have been involved that cryptocurrencies like bitcoin are experiencing a bubble. The current spike by dogecoin, which began as a joke primarily based on the 2013 “Doge” meme, particularly, has fueled issues of a bubble within the cryptocurrency market.

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23 Comments

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  2. Bla bla bla usual jawboning without actual regulation (because it can't work) and investors still believe it. Just like they believe in the Fed's "tools" to curb inflation lol

  3. Great video, I must say. Bitcoin's price action has been fluctuated throughout the past few days and weeks, with bulls and bears both reaching a clear impasse, the aggregated cryptocurrency market has been following in Bitcoin's lead and is struggling to garner any decisive momentum. One analyst is now noting that BTC has been holding above a key macro level throughout the past few months. He believes that the recent consolidation above this level bodes well for its near-term outlook and could indicate that significantly further upside is imminent in the weeks and months ahead. Tips like this are why it's advisable for investors and newbies to trade with the help of pro traders like Rickcrypto. He is always one step ahead of other traders, he fully monitored all my trades to avoid me making mistakes and losing my money . My earnings have increased drastically from 1 Bitcoin to 7Bitcoin in just 4 weeks using his strategy. You can easily get hold of him for a fixable system on te Ie gram ( @ rickjrcryptosignals)

  4. It's difficult to regulate bitcoin. good luck lol. The only way to do it, would be to regulate the internet and become china 2.0 haha people forget that bitcoin is up 80% since January.

  5. FTX Token formed a descending pattern after the pr!ce made lower highs and steady lows over the past few days. A break below the bottom trendline and the 50-SMA was expected to cut short at $49.1-support. The 200-SMA, which floated above $43, could also offer some respite in case of an extended downturn but this was unlikely. On the hourly timeframe, the pr!ce was actually supported by the 200-SMA, which formed the base of the bottom trendline. This suggested that the bulls could hold on to $50 for a few more sessions before the breakdown. The Awesome Oscillator fell below the half-mark as momentum was on the sellers’ side. The OBV also steadily declined as some selling was observed in the market. As an Investor, i have come to understand that you can make profit daily by involving in day tradlng your c0ins or mirror trade from a professional/expert trader as i have been doing with Mr Vincentesanz for the past 42 weeks now and i have been able to grow my portfolio to a giant structure that i could have not done all by myself no mater how hard i try which you all traders/investors will see that it is always profitable to day trade your c0ins rather than Hold or as a newbie, you can buy the dip now and day trade to make so much profit. His is also an expert [email protected] and f!nance journalist and you can find his courses on tradlng on the internet for free and they come in handy as an !nvestor and he can be reached on gmαil ([email protected] and Եҽlҽցɾαต @vincentesanz) for his assistance on crypt0 related enquires.

  6. Bitcoin is the largest wealth transfer from poor to rich. The multimillionaire whales selling their bitcoins they bought for 10$ to the average guy for 60000$!! The perfect ponzi scheme

  7. Why is nobody talking about Cruptocurrency at this moment? It's on a bull run and a lot of people are defintely gonna miss out on that just like the last time

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  9. When it comes to BITCOIN/FOREX TRADING I always RECOMMEND newbies to SYNHACK on telegram since I was recommended to him I’ve not had a loss due to the signals he uses during trading, he is really genius

  10. I agree with all your points, nobody knows where B TC will go, Surely I wouldn’t invest in it as a retirement asset, I don’t think it will ever replace fiat (Both because of its limited availability also because it would take generations to do that)and most of all because now at (almost) All-time highs is in my opinion not the best moment to enter.
    Nevertheless I’m happy I enter sometime ago and I’m holding. None has a crystal ball but in my humble opinion, most people just take about B TC, which is just the tips of the iceberg, I think crypto is going to get more importance and acknowledgment in the future. BTC is the future doesn’t mean we should just hold and not think of the negative effect it would put on you when it goes low than the entry price. I advice that we all follow a less talked about way which is trad!ng. I was about to generate more than 9B TC with 1. 4 B TC in an interval of 6 weeks f
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