{"id":402233,"date":"2019-10-24T23:00:29","date_gmt":"2019-10-24T23:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402233"},"modified":"2024-06-11T13:31:27","modified_gmt":"2024-06-11T13:31:27","slug":"increasing-regulatory-scrutiny-may-be-driving-latest-bitcoin-downtrend","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/increasing-regulatory-scrutiny-may-be-driving-latest-bitcoin-downtrend\/","title":{"rendered":"Increasing Regulatory Scrutiny May Be Driving Latest Bitcoin Downtrend"},"content":{"rendered":"

Bitcoin (BTC) has been caught in a firm downtrend ever since it set a yearly high at $13,800, with the cryptocurrency continually facing significant downwards pressure that has forced it to drop to fresh multi-month lows of just above $7,000 over the past 24-hours.<\/p>\n

Analysts are now noting that increasing regulatory scrutiny surrounding Bitcoin and the aggregated crypto markets \u2013 some of which has essentially been spillover from that surrounding Facebook\u2019s Libra \u2013 may be one impetus behind BTC\u2019s recent bearishness.<\/p>\n

Bitcoin Plummets Towards $7,000 as Downtrend Remains Firm<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down nearly 1% at its current price<\/a> of $7,530, which marks a slight recover from its recent lows of $7,400 that were set at the bottom of yesterday\u2019s drop.<\/p>\n

It is important to note that analysts do believe that Bitcoin may be positioned for further losses in the near-term, which may be driven by increasing scrutiny from regulators and politicians within the United States.<\/p>\n

Jeff Dorman, the chief investment officer at Arca, explained while speaking to CNBC<\/a> that a lack of positive catalysts coupled with increasing regulatory scrutiny may be the main forces driving the recent downtrend.<\/p>\n

\u201cToday\u2019s selloff is a continuation of the themes that have been plaguing crypto for the past few months \u2014 increased regulatory scrutiny,\u201d he explained, while also referencing the \u201clack of positive catalysts\u201d and Bitcoin\u2019s low trading volume.<\/p><\/blockquote>\n

US Congress Looks Closer at Crypto Amidst Libra Controversy <\/strong>\u00a0<\/strong><\/h2>\n

Facebook\u2019s digital currency initiative \u2013 Libra \u2013 appears to have drawn a noteworthy amount of attention on Bitcoin<\/a> and the aggregated crypto markets alike, with bi-partisan members of congress holding a Libra-focused hearing, lauding criticism on crypto in general.<\/p>\n

\u201cCryptocurrency either doesn\u2019t work, in which case investors lose a lot of money, or it does achieve its objectives, and displaces the U.S. dollar as the sole reserve currency in the world\u2026 You\u2019re going to be making powerful burglary tools and letting your business partners commit the burglary,\u201d Representative Brad Sherman, D-Calif., said during yesterday\u2019s hearing.<\/p><\/blockquote>\n

Prospective BTC<\/a> buyers may be fearful to invest in Bitcoin or any other cryptocurrencies at the present, as it does appear that fresh regulations surrounding the nascent markets may be imminent in the near-future.<\/p>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) has been caught in a firm downtrend ever since it set a yearly high at $13,800, with the cryptocurrency continually facing significant downwards pressure that has forced it to drop to fresh multi-month lows of just above $7,000 over the past 24-hours. Analysts are now noting that increasing regulatory scrutiny surrounding Bitcoin and the aggregated crypto markets \u2013 some of which has essentially been spillover from that surrounding Facebook\u2019s Libra \u2013 may be one impetus behind BTC\u2019s recent bearishness. Bitcoin Plummets Towards $7,000 as Downtrend Remains Firm At the time of writing, Bitcoin is trading down nearly 1% at its current price of $7,530, which marks a slight recover from its recent lows of $7,400 that were set at the bottom of yesterday\u2019s drop. It is important to note that analysts do believe that Bitcoin may be positioned for further losses in the near-term, which may be driven by increasing scrutiny from regulators and politicians within the United States. Jeff Dorman, the chief investment officer at Arca, explained while speaking to CNBC that a lack of positive catalysts coupled with increasing regulatory scrutiny may be the main forces driving the recent downtrend. \u201cToday\u2019s selloff is a continuation of the themes that have been plaguing crypto for the past few months \u2014 increased regulatory scrutiny,\u201d he explained, while also referencing the \u201clack of positive catalysts\u201d and Bitcoin\u2019s low trading volume. US Congress Looks Closer at Crypto Amidst Libra Controversy \u00a0 Facebook\u2019s digital currency initiative \u2013 Libra \u2013 appears to have drawn a noteworthy amount of attention on Bitcoin and the aggregated crypto markets alike, with bi-partisan members of congress holding a Libra-focused hearing, lauding criticism on crypto in general. \u201cCryptocurrency either doesn\u2019t work, in which case investors lose a lot of money, or it does achieve its objectives, and displaces the U.S. dollar as the sole reserve currency in the world\u2026 You\u2019re going to be making powerful burglary tools and letting your business partners commit the burglary,\u201d Representative Brad Sherman, D-Calif., said during yesterday\u2019s hearing. Prospective BTC buyers may be fearful to invest in Bitcoin or any other cryptocurrencies at the present, as it does appear that fresh regulations surrounding the nascent markets may be imminent in the near-future. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":401834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-402233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nIncreasing Regulatory Scrutiny May Be Driving Latest Bitcoin Downtrend<\/title>\n<meta name=\"description\" content=\"Analysts are now noting that increasing regulatory scrutiny surrounding Bitcoin may be one major impetus behind BTC\u2019s recent bearishness.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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