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The Massive Drop of Bitcoin Below the $50,000 Mark!
The most amazing, world-popular, and highest-value cryptocurrency Bitcoin has again hit a low below $50,000! Meanwhile, Ethereum also made a huge dip below $4,000 quite recently and currently stands somewhere around $3,800. All in all, both major cryptocurrencies ranking one after the other on the global cryptocurrency charts haven’t failed in disappointing a ton of investors and traders around the world.
Both digital currencies have gone below their all-time highs quite significantly and as it seems that most experts are in favor of a long-delayed return from this point onwards. The chances of the cryptocurrencies running back to the highs and even higher instantly are quite low.
While the case of Bitcoin’s uncertainty and the money it’s costing to millions of investors and traders around the world remains, some experts have raised their concerns. It was a group of executives out of a cryptocurrency company who testified to the US House Committee on Financial Services the past Wednesday. The congressional hearing on Wednesday provided the cryptocurrency, especially Bitcoin, investors a chance to take a fresh look at the US officials’ and legislators’ efforts. This helped them learn and understand cryptocurrency regulatory actions and their potential clearly.
Take a look at some of the most important cryptocurrency news that you should keep at the front of your mind right now as an actual or potential investor.
Latest Glimpse of the Crypto Regulatory Potential in the US
Firstly, the world’s major cryptocurrencies, namely Bitcoin and Ethereum have both seen great rises and downfalls in the weeks that followed right after both major cryptocurrencies set the all-time highs in their range during last month. This is quite a concern for all those looking to take their cut from the massive peaks in cryptocurrency prices. As with the volatility, the uncertainty about the economical environment has only increased because of the Omicron COVID-19 variant spread around the world.
Secondly, President Joe Biden signed a bill for $1.2 trillion infrastructure in the face of crypto regulation last month which involves important material about crypto tax provisions. Next, the executives of cryptocurrency companies that testified on Wednesday before the US House Committee on Financial Services included members from Stellar, Circle, FTX, and Coinbase. These were company’s who lent their officials to testify in Wednesday’s congressional hearing.
The purpose of the meeting was clearly highlighted through its focus which was on the cryptocurrency’s growing demands along with the risks that it carries for US investors and consumers. The hearing on Wednesday got the title “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States”. This hearing was primarily led by Maxine Waters, a Democratic California Rep.
Apart from the abovementioned facts and information, you must know that Gary Gensler, SEC Chairman, again stated during last week about the US consumers’ and investors’ requirement of more crypto regulations. He also insisted on suggesting that cryptocurrency is a class of asset that should be in the hands of the public policy frameworks. Gary Gensler didn’t fail to acknowledge the fact that the cryptocurrency markets are filled with unlimited scams, frauds, and an endless list of application abuse types.
As a cryptocurrency investor or trader, you should be highly concerned about entering the over-lapping market conditions and the uncertain top cryptocurrencies’ market positions.