Bitcoin looks like it is going to have a tough week on the price front after a string of bad news and a major dump. The bad news stems from a Bloomberg report that claimed the US Securities and Exchange Commission was looking into the cryptocurrency’s chief executive officer (CEO) and creator, Satoshi Nakamoto, for possible fraud. The report also claimed that the SEC’s investigation could lead to criminal charges.
The Bitcoin price continues to fall, with news this week that the SEC is supposedly looking into bitcoin funds. As bitcoin enthusiasts rage on social media, some investors are staying calm, despite the negative headlines.
Bitcoin prices have taken a beating this week after news surfaced that the IRS was looking at a cryptocurrency tax evasion case. The prospect of higher taxes for Bitcoin users, as well as the regulatory uncertainty behind cryptocurrencies, have damped Bitcoin prices.. Read more about bitcoin price history and let us know what you think.
One thing is for sure, today’s price action is not short of bad news.
Over the weekend, analysts at Goldman Sachs published a 60-page paper on cryptocurrency markets in which they say they understand the value of Web 3.0, but see no place for any of the current major cryptocurrencies in their clients’ portfolios.
Analyst Lou Kerner, a former Goldman student, analyzed the report and provides the highlights and his opinion in this brief overview.
There is currently a lot of talk in the media about the crackdown on the bitcoin mining industry in mainland China, but the general consensus is that this is only good for the digital currency.
The famous indicator was first predicted by a small analyst and described in this Bloomberg article, but it was not confirmed in the charts until today.
Of course, many think that the cross of death can also be a counter-indicator, while others consider it totally meaningless.
Analyst Imran Yusof has put together a concise but comprehensive guide to this event and what it may mean for the trend in the future. Make sure you read, share and swipe this article 50 times.
And just for fun, our executive producer is working on a film about the event, possibly featuring Max Kaiser and Michael Saylor.
The trailer has already been released for your viewing pleasure.
Finally, but probably least important, is the potential impact of the Federal Reserve’s new policy change on digital asset prices, as reported by our friends at Yahoo Finance.
Yes, it’s true that some people are selling their cryptocurrencies because of the Fed, but that doesn’t seem to bother the stock market at all, as the Dow Jones index is up 2% as of this writing.
As far as the chart goes, we are way off the top, but we are still on top for the year. The price of some parts has increased more than others.
Bitcoin is currently 10% in the green, testing the $30,000 support level for the third time. Ether, meanwhile, is up 170% so far, but has now broken through the $2,000 support level.
Today, I want to leave you with an old quote from Baron Rothschild. Although we cannot know if we are down, his famous quote:
Buy when there’s blood in the street, even if it’s your own.Bitcoin has been in the news lately, with a lot of the focus being its price. Bitcoin is often referred to as “digital gold”, and it has been trading at around $7,000 for the past few days. This is a massive drop from its all time high of $20,000, which was reached in December. As you can see in the chart above, the price has been extremely stable over the past few months, fluctuating by no more than $100 a day. So why is the price of bitcoin dropping, and what does it mean for the future?. Read more about price of ethereum and let us know what you think.
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