FX.co ★ Sell-off in the crypto market continues

On Tuesday, the sell-off in the crypto market accelerated: Bitcoin declined below $ 30,000 for the first time in four weeks, destroying almost all income since the beginning of the year. On the other hand, Ethereum plunged to $ 1,700.

According to CoinMarketCap, the sale of cryptocurrency has taken $ 89 billion over the past day.

It should be noted that such a big sale of cryptocurrency occurred about a month ago, when the Central Bank of China banned paying with cryptocurrency.

Edward Moya, a Senior Market Analyst at OANDA, believes that a drop in Bitcoin below $ 30,000 could trigger another major sell-off up to the level of $ 20,000.

At this level, large buyers will most likely enter trading.

According to Moya, the entire cryptocurrency will be under strong pressure if Wall Street traders start selling Bitcoin in a panic.

These days have been tense with news about the crypto market.

On Monday, US Treasury Secretary Janet Yellen called for the rapid creation of a regulatory framework for stablecoins. She emphasized that it is necessary to act very quickly to ensure the regulatory framework of the United States.

Robin hood, a broker with a popular trading platform, warned of a slowdown in retail activity, especially when it comes to cryptocurrencies.

They assumed that the three-month revenue, which will be calculated on September 30, 2021, will be lower than the revenue for three months, which was calculated by June 30, 2021.

At the same time, the co-founder of Ethereum said that he was leaving the cryptocurrency due to personal security reasons and added that the cryptocurrency currently creates too risky conditions for its savings.

This happened a few days after Dogecoin's Founder, Jackson Palmer, described the cryptocurrency market as hyper-capitalistic, with tax evasion as its driving force.

Nevertheless, the cryptocurrency industry is still controlled by a powerful cartel of rich people.

Last Friday, a video circulated around the world saying that the Malaysian police destroyed 1,069 drilling rigs for Bitcoin mining.

CNCB later quoted Assistant Police Commissioner Hakem Al Khawari, who said that crypto-manners allegedly stole $ 2 million worth of electricity.

Today, all attention will be focused on "The B Word", which will feature Tesla's CEO Elon Musk, Ark Invest's CEO Cathie Wood, and Square's CEO Jack Dorsey.