Today was a bad day for cryptocurrencies as they touched the redline. Cryptomarket experienced a drop-down in Bitcoin price by 2 percent. The global cryptocurrency market accounts for $1.35 trillion, with a 4.84 percent decline, in the past 24 hours. The world’s largest cryptocurrency, Bitcoin is trading at $32,700. Bitcoin is the most valued digital asset in terms of market capitalization.
Yesterday, Square Inc announced: that they will design a hardware wallet for Bitcoin trade to make Bitcoin more stable, protected, and centralized digital currency. The news was the response to US Senator Elizabeth Warren, who earlier voiced against crypto trading and discussed the risks posed by the crypto market to consumer finance and corporate finance markets. Financial misconduct and cybercrimes incidents can rob millions of people. She further stretched her argument by saying that the digital market is beyond the control of traditional mechanisms.
She stressed forcing strict regulatory provisions to monitor the crypto trade. There is immense uncertainty when it comes to the crypto market. Most other cryptocurrencies felt the heat of this statement as other digital wallets also fell with it. Ether traded 8% lower: the estimated new price was $2,098.
The crypto market mirrored the weak trend mainly for two reasons. The recent talks about environmental outcomes as the result of crypto mining affected the market. Moreover, the possibility of the rise of the delta variant of Covid-19 also cracked the market up to 10%.
A trading veteran, Peter Brandt predicted further slumps in prices with Bitcoin going down at $3,000 level. He also shared his chart pattern of Bitcoin trading. However, many other experts ruled out his opinion and labeled it as biased and bullish. No matter what the outcome, but one thing is straightforward; such a volatile market is beyond any prediction.
Peter Schiff, another Bitcoin critic, who is the Chief Executive Officer of Euro Pacific Capital, also tweeted and predicted further slumps in the prices of cryptocurrencies. As per the cretinous cues from worldwide law enforcement authorities. The recent reports have confirmed that The European Union is likely to hire a new agency to carry out a systematic crackdown against any money laundering and financial misconduct. Chinese crackdown in opposition to the U.S-powered digital currency exchange stablecoin is also a worrying sign for crypto traders.
Apart from China, many other countries believe that Stablecoin can undermine the value of the gold-backed global economic system. However, all these allegations or concerns against cryptocurrency are pre assumptions. Since the cryptocurrency market is so unpredictable, one cannot guess how the market will react tomorrow. But fall in Bitcoin price might be a matter of concern for short position holders.
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