On November 27th, according to foreign media reports, Bitcoin staged a plummeting market during the overseas Thanksgiving holiday. It plummeted from a high of 18913 US dollars and once fell to 16354 US dollars, a decrease of 10.2%.
After hitting a high of $19,490 on Wednesday, Bitcoin has plummeted in the past two days, and other cryptocurrencies such as Ethereum have also fallen. Bitcoin broke the 17,000 mark in the early hours of Friday morning, dropping to a minimum of $16,300, which is more than $3,000 from its previous high. It is currently operating near the 17,000 mark.
At the same time, the major exchange OKEx announced that it has resumed withdrawals. Ki Young Ju, the founder of on-chain analytics service CryptoQuant, emphasized the increase in outflow activity from OKEx to wallets and other exchanges. “83% of funds went to non-trading wallets such as custodial wallets. In the long run, this may be a positive sign.”
The recent trend of stricter US regulatory agencies may be one of the important reasons for this phenomenon. Just as Bitcoin was approaching the all-time high of 19,821 U.S. dollars set in 2017, market rumors suggested that the U.S. Treasury Department planned to track the owners of autonomous cryptocurrency wallets. Coinbase CEO Brian Armstrong (Brian Armstrong) expressed dissatisfaction.
He said: “If this encryption regulation becomes a reality, it will have a long-term negative impact on the United States.” A few days ago, the trading platform also began to prevent customers from making new margin transactions, and at the same time canceled all outstanding limit orders, and next The margin trading function is completely terminated every month. This move triggered further panic in the market.
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