Bitcoin price fell 12% on Sunday
The value of bitcoin on Sunday fell by almost 12%, falling below the level of $ 55 thousand, RIA Novosti reported. As of 14:30 Moscow time, the price of bitcoin was $ 54,616, which means a decrease in the last 24 hours by 11.59%.
Bitcoin collapse occurred after the rumors that the US Treasury Department intends to take stringent measures against financial institutions for money laundering using cryptocurrency.
While the current drop in bitcoin value is unlikely to be attributed to the initial public offering of Coinbase Global Inc., owner of the largest U.S. cryptocurrency exchange, Coinbase, Peter Schiff, an avid cryptocurrency critic, stated: “Rather than being a turning point in the life of bitcoin “Coinbase’s IPO may have marked the beginning of his demise.”
The reason for the fall in bitcoin may lie in the ban on the use of cryptocurrencies and crypto-assets for the purchase of goods and services announced by the Central Bank of Turkey last Friday. The bank explained its decision by the possible infliction of “irreparable” damage to users and significant transaction risks.
It can also be assumed that Bitcoin will soon begin to recover, as, due to the huge demand from institutional investors, it will begin to be bought at an accelerated pace due to the price decline.
