Leak Reveals Shock Wall Street SEC Flip That Could Cause Bitcoin, Ethereum, XRP And Crypto Price Chaos
What recent event caused bitcoin's price to drop under $60,000?
Bitcoin's price dropped under $60,000 due to a combination of factors, including profit-taking by traders, miner selling, and the announcement that closed exchange Mt4. Gox will start repaying assets lost during a hack years ago. This has created a "perfect storm of negatives" for digital assets, according to Standard Chartered's head of FX and crypto research Geoff Kendrick.
How did the bitcoin halving impact the crypto market?
The Bitcoin halving, which reduces the block reward for miners by 50%, has historically led to increased scarcity and higher prices. While the immediate impact on Bitcoin's price may not be significant, the halving is expected to have long-term effects on the supply-and-demand dynamics of the cryptocurrency. As the supply of new coins decreases, Bitcoin's scarcity increases, potentially driving up prices over time. However, the relationship between halving events and price is not always straightforward and can be influenced by various market factors.
What policy plan is putting bitcoin on a collision course with gold?
The policy plan putting bitcoin on a collision course with gold involves the U.S. Securities and Exchange Commission (SEC) potentially allowing banks and financial institutions to hold cryptocurrencies on behalf of their clients. This development could lead to increased Wall Street involvement in the bitcoin and cryptocurrency market, impacting the gold market.