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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 3 min read

Bitcoin crashes below $26,000 - what's going on?

Bitcoin reached its lowest point in almost two months.

It is more probable that BTC will increase to $34,000 rather than decrease to $22,000.

Two major disruptions have occurred on the Ethereum network.

Michael Saylor, the founder of MicroStrategy, has declared that bitcoin is the answer to the increasing financial issues.

By the end of 2023, institutions are expected to begin purchasing Bitcoin.

Last week, the fall of Bitcoin was largely attributed to the issues experienced by the largest exchange, Binance, which twice suspended the withdrawal of BTC. Data from Kaiko shows that Binance's share of the spot market has dropped to 51%.

An urgent update has been released by the developers of the Prysm Ethereum client due to two major outages on the Ethereum mainnet that caused transactions to be unable to be finalized. Although blocks were created and transactions were conducted, they were still able to be altered.

Popular analyst Ton Weiss believes that it is more probable for Bitcoin to increase to $34,000 than to accidentally decrease to $22,000. One of the reasons for this potential growth is the upcoming halving, which is set to occur in less than a year.

Jakob Palmstyrna, the director of GSR, a cryptocurrency market maker, has declared that the crypto winter is nearing its end, and family investment funds should start to take notice of crypto assets once more.

CryptoQuant predicts that by the end of 2023, when the Federal Reserve begins to reduce interest rates, institutional investors will begin to purchase Bitcoin.

Michael Saylor, the founder of MicroStrategy, has declared that bitcoin is a solution to the increasing financial issues and a means of providing hope to the eight billion people to protect their wealth. He believes that BTC is a necessity, and that traditional money is "fading away" in its current form.

The US Securities and Exchange Commission (SEC) has been criticized by the US Chamber of Commerce in a brief report for its illegal actions against crypto companies, such as the trading platform Coinbase.

If large stablecoins pose a threat to the monetary policy of certain countries, the European Banking Authority (EBA) believes that central banks should impose a ban on them.

Legislators in the EU are proposing that companies that handle, trade, and invest in digital assets must report to the tax authorities about the financial status of their customers.

Paolo Ardoino, the CTO of Tether, has stated that the firm is keeping an eye on all its customers to make sure they are not violating any sanctions. Dune has reported that Tether has blocked a total of 460 million USDT from 877 different addresses.

Bakkt, a cryptocurrency platform owned by Intercontinental Exchange, has announced the delisting of numerous tokens and cryptocurrencies in order to discontinue services to retail customers.

Anatoly Aksakov, the head of the State Duma Committee on the financial market, has stated that four laws concerning cryptocurrencies, taxation of crypto investors, and mining are planned to be adopted by July 30th, the end of the spring session.

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