Cryptocurrency | Analysis of the causes of the decline in Bitcoin prices

Since July 10, 2019, the price of the bitcoin which was original $ 12,000 to $ 10,000 or decreased by about 22.2% in a week.

The cause of the recent decline in Bitcoin prices is believed to be caused by technical factors driven by sellers who took control of the BTC market.

Global market analyst Alex Krüger said that US President Donald Trump's criticism and Finance Minister Steve Mnuchin of Bitcoin could contribute to the decline in Bitcoin prices:

When the US government attacks Bitcoin directly, it says it is exploited to support billions of dollars of illegal activity, for no reason, and how they worry about its speculative nature ... Unfortunately, most US politicians believe that cryptocurrency is a tool for money laundering and drug trafficking...

The crypto industry sentiment changed after President Trump and Secretary Mnuchin's statement, and the tactical indicator factor was bearish, was a factor in the price decline that occurred in several days.

US President Donald Trump expressed strong criticism of Libra and cryptocurrency:
"I am not a fan of Bitcoin and other Cryptocurrency, which is not money, and whose value is very volatile and is based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trafficking and other illegal activities. "

He stated that the US financial authorities would tighten controls on the cryptocurrency sector, warning against tighter supervision from regulators:

Cryptocurrency like Bitcoin has been exploited to support illegal activities such as tax evasion, cybercrime, human trafficking, and drugs. Many illegal players try to use cryptocurrency to fund their activities. This is a national safety problem

He also stated that the cryptocurrency sector will be regulated by institutions such as FinCEN, the SEC, and the Securities Commission as well as commodities and futures trading commissions.

This rule applies to physical and electronic transactions. As a financial services business, cryptocurrency mining is subject to audit compliance, just like other US conventional banks. To be clearer, FinCEN will hold any entity that deals in cryptocurrency with high work standards.

Maybe the explanation above is part of the cause of the decline in the price of other bitcoin and cryptocurrency and a few days.

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Cryptocurrency | Analysis of the causes of the decline in Bitcoin prices Cryptocurrency | Analysis of the causes of the decline in Bitcoin prices Reviewed by sheffter on July 25, 2019 Rating: 5

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