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 – some of which has essentially been spillover from that surrounding Facebook’s Libra – may be one impetus behind BTC’s 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’s 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. Read More...