What stopped the positive rally in cryptocurrencies last week?

This post will in part answer the following question; What stopped the positive cryptocurrency rally last week? While there are multiple speculations about the reasons for the current pullback in cryptocurrency price action, the most widely accepted are linked to the expected negative inflation data to be released by the Fed in its next announcement.

Very little has been said about the real reasons that influenced the cryptocurrency market to plummet by an estimated average of more than 10%, in this sense, even though this week investors remained cautious European regulators continued the debate on cryptocurrencies.

So, in addition to the foreseeable negative inflation data to be published by the Fed in its next announcement, there is also the debate within European lawmakers about cryptocurrencies, from my perspective the two events are pushing down the main cryptocurrencies by market capitalization.

As reported, "this week was a veritable feast of regulatory stories in both the United States and the European Union, with the drama in Washington centered on the SEC's continued crackdown on cryptocurrency businesses."

In the case of Bitcoin cryptocurrency benchmark by market capitalization, it kept its head occasionally above the $30,000 mark, but eventually began to fall on Wednesday, spiraling down to its current level above $27,600, a 10.3% drop from last week.

The drama may continue in the coming weeks and as we get closer to the release of inflation data to be socialized by the Fed and more details on regulations in Europe, we will know what direction the price action in cryptocurrencies will take, for now I think the scenario may give good buying options.

Ddecrypt The Week in Crypto: Markets Plummet. Bitcoin and Ethereum Fall More Than 10%. Link

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