logo logo

The next-generation financial news, and trading signals for you to start driving your FOMO today!


FREE trading signals

Get free daily crypto signals to make profitable trades every day!

View fresh signals


Lisa Parker

An editor at FOMOdrive

  • Jun 19, 2023
  • 3 min read

Bitcoin crashes below $25,000 - what's going on?

Following the press conference of the head of the US Federal Reserve, Bitcoin experienced a sharp decline.

The SEC lawsuits against Binance and Coinbase have no effect on the Hodlers.

SEC actions are anticipated to cause a rally in Bitcoin (BTC) according to Michael Saylor.

Rumors of Binance selling its reserves to support its BNB token have been denied by the company's CEO.

The difficulty of mining bitcoin has once again reached its highest point in history.

On Wednesday, Bitcoin experienced a sharp decline, dropping by approximately $1,000 in a single hour. BTC reached its lowest point in three months, falling below $24,900, after Federal Reserve Chairman Jerome Powell held a press conference in which he promised to combat inflation and the Federal Open Market Committee (FOMC) predicted two more rate hikes for the year.

Glassnode's observations suggest that investors are not overly concerned with the SEC lawsuits against Binance and Coinbase, as evidenced by the low P&L realization and lack of response from hodlers. Despite this, Binance remains one of the biggest holders of BTC and ETH.

Michael Saylor, founder of MicroStrategy, believes that the SEC's actions to bring clarity to the regulation of the crypto market will lay the groundwork for a new Bitcoin rally. He described BTC as "the only institutional-grade investment asset in the crypto space," and predicted that "the next logical step for bitcoin would be 10x and then 10x more."

The difficulty of mining Bitcoin has once again reached its highest historical level, increasing to 52.35 T. The average hashrate in the Bitcoin network has also hit a record high of 374.4 EH/s.

The US Securities and Exchange Commission (SEC) has pledged to provide a response to Coinbase's request for guidance on crypto regulations within a period of four months.

In response to the SEC's petition to freeze Binance.US's assets, the court ordered the regulator and the exchange to come to an agreement that would ensure the protection of client assets while allowing the platform to continue operating as normal.

Patrick McHenry, the Republican leader of the US House of Representatives' Financial Services Committee, declared that the SEC should have taken a hard stance against the Binance exchange much earlier. He believes that Binance should have been eliminated a few years ago.

Mark Cuban, a billionaire, has accused the SEC of not having a system in place to categorize cryptocurrencies. According to Cuban, this lack of a system allows the regulator to deem any token as a security.

Changpeng Zhao, CEO of Binance, has refuted any claims that the company has been manipulating the market in order to artificially increase the value of BNB.

The Cyprus Securities and Exchange Commission has been informed by Binance Cyprus that it is terminating its licensed activities in the country. Binance has sent a notice to the regulator regarding its withdrawal from the local market.

Elliptic reported that the losses incurred by Atomic Wallet users due to the hack attack had exceeded $100 million.

Shannon Bray, a candidate for North Carolina governor, has expressed his enthusiasm for the SHIB meme crypto asset, declaring his intention to purchase a large amount of coins. He believes that no other token can match SHIB's level of popularity.

Share this article