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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 2 min read

Bitcoin unexpectedly crashed below $27,000

Almost a month and a half ago, Bitcoin reached its lowest point yet.

Glassnode observed miners shifting to an accumulation strategy.

US-based crypto market makers have chosen to no longer participate in the crypto industry.

Cryptozyme has eliminated any "questionable" entities from the market.

President Biden has declared tax breaks for affluent cryptocurrency investors.

On Wednesday during the American session, Bitcoin experienced an unexpected drop of $1,400, briefly falling below the $27,000 mark. This is the same level that BTC was trading at the end of March.

Glassnode has observed not only a rise in transaction fees on the Bitcoin blockchain, but also miners shifting to an accumulation strategy. This shift in miners' behavior is likely to occur once Bitcoin surpasses the $30,000 mark.

The head of mining company Marathon Digital commented that the crypto market's decline last year was beneficial in that it eliminated "dubious operators" and encouraged regulators around the world to take action. He highlighted the EU, UK, Hong Kong, Singapore and the UAE for their efforts in regulating crypto assets, while noting that the US is "somewhat behind" in this regard.

Bloomberg reported that Jump Trading and Jane Street, two major market makers, have decided to withdraw from the crypto business in the US due to the complexities of regulating the digital assets industry.

SEC Commissioner Hester Pierce suggested that the European Crypto Asset Regulation (MiCA) bill and the UK's digital asset regulation approach could be the starting point for the US regulatory framework.

Joe Biden, the President of the United States, declared that House Republicans who back Donald Trump are not ready to abolish the "rich crypto-investor tax breaks" that enable them to avoid paying taxes.

PayPal reported that its customers' cryptocurrency holdings increased by 56% in the quarter, reaching almost $1 billion. Of this amount, $499 million was held in Bitcoin and $362 million in Ethereum.

Tether, the issuer of USDT (Tether's largest stablecoin by capitalization), reported a net profit of approximately $1.5 billion in the first quarter of 2021 - more than double the amount from the previous quarter.

Unstoppable Finance, a German crypto startup, has declared its ambition to establish the first bank in Europe that is completely regulated and provides crypto assets and DeFi services to its customers.

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