Home Bitcoin Bitcoin (BTC) Price Drops Below $22K, Why?

Bitcoin (BTC) Price Drops Below $22K, Why?

  • Bitcoin (BTC) is currently trading at $21,653.35.
  • Jerome Powell listed several risks connected to cryptocurrency activities.

Bitcoin (BTC), the world’s largest cryptocurrency, is trading lower on Thursday. Also, the global cryptocurrency market cap was trading lower at around 993.77 billion, down 01.45% in the last 24 hours. At the time of writing BTC is currently trading at $21,653.35 with a 24-hour trading volume of $22,076,254,35. BTC has decreased by 1.73% during the past 24 hours as per CMC.

According to reports, Bitcoin fell as a result of Jerome Powell, the chairman of the US Federal Reserve, yesterday’s remarks. During a gathering before the Senate Committee on Banking, Housing, and Urban Affairs, Jerome Powell listed several risks connected to cryptocurrency activities. Powell pointed out that the Federal Reserve has warned banks and other regulated financial institutions about the risks of cryptocurrencies in several joint notices with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).

Ethereum Declines as Well

According to reports, Silvergate Capital Corp suspended its cryptocurrency payments network and expressed worries regarding the viability of its company, which is another reason why the price of Bitcoin fell. Silvergate’s deals with stablecoin issuers Paxos and Circle, Cboe’s digital asset exchange, and cryptocurrency exchanges Bitstamp and Gemini were also suspended. 

However, after the bank discontinued accepting cryptocurrency purchases on Monday, Silvergate Capital Corp. shares dropped as much as 11%. Additionally, Ethereum, the second-largest cryptocurrency, dropped 1.62 percent of its value. Declining to $1,533.9, with a market capitalization of $187.45 billion as per CoinMarketCap.

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