Bitcoin’s sell-off to $30k keeps the asset under $30,000

Selling Bitcoin at $30,000 will keep assets under $30,000

Bitcoin continues its downward spiral. The cryptocurrency has been trading around $3,000 for over a month before falling below $3,000 on Friday morning. During the first two days of this week, Bitcoin fell more than 10% on a day-to-day basis as it traded below $3,200. On Wednesday afternoon, it hit an all-time low of $2,981. At the time of writing, Bitcoin is trading at around $3,060 with a market cap of around $29 billion.

The drop in value is due to a number of factors, including growing interest in alternative cryptocurrencies like Ethereum and Litecoin, negative regulatory developments in South Korea and Japan as well as fear that Bitcoin will be banned in India. However, several fundamental factors pushed the sell-off further:

The SEC has said that it may allow certain ICOs to be regulated as securities rather than treated as commodities or currencies (and thus immune to regulation). This will subject them to stricter regulations such as those imposed on banks and stock exchanges by the US Securities and Exchange Commission (SEC) in response to the crisis. financial crisis of 2008.