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Thursday, February 9, 2023

Due to U.S. Treasury Rumours, Bitcoin’s Price Has Dropped Below $52,000

Bitcoin fell to $51,500, ETH to $1,940, and BNB to $440 during a huge price drop in the crypto sector.

The crypto markets had another crazy weekend, with Bitcoin plummeting by nearly $9,000 in hours amid reports that the US Treasury Department would charge some financial institutions with money laundering using cryptocurrencies.

The altcoin market is still in the red, with double-digit percentage drops wiping out more than $350 billion in market capitalization.

Following its Friday price drop, the primary cryptocurrency had recovered over $2,000 in value and was trading at over $62,000, was announced yesterday.

However, in the last 24 hours, the situation has drastically changed.

Rumours began to circulate that the US Treasury intends to charge a number of financial institutions with money laundering through digital assets.

While the news has yet to be confirmed by the regulator, it appears that the FUD has caused significant disturbances in the cryptocurrency sector.

Bitcoin fell from around $61,000 to around $51,500 in a matter of hours.

This was BTC’s lowest price in three weeks, and the market capitalization of the cryptocurrency fell below $1 trillion.

Bitcoin is still down more than 10% on a 24-hour scale, after bouncing off and recovering several thousand dollars of value to the $56k area.

BTC/USD - Daily Chart

When there is increased uncertainty on the crypto street, altcoins usually follow suit.

This bearish trend was led by Ethereum, which plummeted from around $2,350 to an intraday low of $1,950.

However, following the $400 drop, ETH has regained some ground and is now trading around $2,200.

The output of most alternative coins was nearly equal. Binance Coin (BNB) fell from $520 to $440 before resuming its upward trend to $470.

The situation with lower- and mid-cap altcoins is becoming increasingly dire.

  • Bitcoin SV has lost the most (-30%)
  • Ethereum Classic (-25%)
  • Verge (-23%)
  • Horizen (-22%)
  • Helium (-22%)
  • Dash (-21%)
  • Ren (-21%)
  • EOS (-20%)
  • Siacoin (-20%)
  • Avalanche (-19%)
  • OMG Network (-18%)

From yesterday’s peak to today’s low, the total market capitalization of all crypto assets fell by $360 billion. Nonetheless, it has regained some ground, and it is now back over $2 trillion.


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