Bitcoin Drops Hard

Şükriye Akdeniz

Nov 19, 2021

Bitcoin slumps hard after US regulatory signals

Bitcoin entered the last working day of the week with a 7 percent loss as the declines that have been continuing since the beginning of the week gained momentum.
At the beginning of the week, Bitcoin, whose price was in the $ 65 thousand 500 bands, continued its downward trend in the first hours of the day and fell to $ 55 thousand 600. The downtrend in Bitcoin, which was traded below the level of 56 thousand dollars, was triggered by the developments in the USA.
The most preferred leading altcoin after Bitcoin, Ethereum, fell below $ 4 thousand yesterday with the downward trend that started after seeing the all-time peak at $ 4,864.
The drop in the crypto money market this week was influenced by the profit sales that followed the record broken last week. In addition, harsh regulatory signals from the US also accelerated the decline.
The US President's signing of the infrastructure investment package, which includes the tax reporting obligation in cryptocurrencies at the beginning of the week, was also counted among the reasons for the decline.
In addition to the developments in the USA, it was learned that the government in India is also planning to introduce a crypto regulation bill.